Georgia Loans to Surpass Value of Entire Budget

According to projections, from July 31, 2015, Georgia’s foreign debt will be worth more than USD 4.2 bln – slightly more than the current state budget. Among the bodies Georgia owes are the World Bank, the IMF, the Asian Development Bank, the EBRD, and the European Investment Bank. While Georgia has managed to cover its entire debts to the EU - USD 19.5 mln - Georgia still owes to individual countries. Georgia owes the biggest debts to Germany with loans worth USD 255 mln, then Russia worth USD 114 mln, and then Japan – USD 63 mln. There are also Georgia’s loans in eurobonds which come to USD 564 mln. Georgia’s 2011 budget is around USD 4,177 mln.