Georgian external debt increases rapidly

By January 31, 2011 Georgia’s external debt became USD 4.476 000 bln. This is more than 16% higher than last year. For the last month, the debt was increased by another USD 66 mln. In 2010, Georgia took foreign loans of GEL 574 mln and in 2011 it is planned to take an extra GEL 671 mln. Together with these new loans, Georgia faces further expenditures to pay back existing loans and servicing costs. This trend is causing concern among independent analysts.