Georgia's foreign debt stands at $1.79 billion

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TBILISI, June 21 (RIA Novosti) - The value of Georgia's foreign debt and loans received against government guarantees was $1,798,035,000 as of May 31, 2005. The Georgian Finance Ministry's foreign debt department said the country owed $682,154,000 to 15 creditor nations.

At the same time, 12 creditor nations restructured Georgia's foreign debt in compliance with a decision made by the Paris Club of creditor nations. They included Austria ($91,997,000), Azerbaijan ($16,190,000), Turkmenistan ($152,395,000), Turkey ($52,457,000), Iran ($12,456,000), Russia ($154,488,000), the United States ($39,331,000), Armenia ($19,593,000), Uzbekistan ($551,000), Ukraine ($366,000), Kazakhstan ($27,774,000) and China ($3,096,000).

Germany, Japan and Kuwait are not bound by the Paris Club's decision because Georgia planned to start repaying its debt to them later. Georgia owes Germany $51,637,000 and another $57,204,000 on loans received from it against government guarantees (a total of $108,841,000). Georgia also owes Japan $45,281,000 and Kuwait $14,542,000.

Apart from creditor nations, Georgia also took out loans from international institutions, in particular, the International Monetary Fund, the World Bank's International Development Association, and the International Fund for Agricultural Development, which it owes $1,058,679,000. Georgia also received a $30,360,000 loan from the European Bank for Reconstruction and Development against government guarantees.

The above figures involve acknowledged debt and exclude debt service funds. Georgia's foreign debt is based on the exchange rates in effect on May 31, 2005.

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