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Foreign loans issue

Wednesday, October 10
During the ruling period of the former government, Georgian foreign loans kept increasing, only last August it increased by $122 million. By August 31, the total amount of Georgia’s foreign loans reached $4.29 billion. Apart from the loans themselves, a country needs extra money for servicing those loans. UNM leadership used practice of covering old loans by new ones, this of course has become a heavy burden for the population because eventually the loans must be paid back sooner or later. This also will become a serious headache for Georgia’s new administration.