Fiscal and Loan Portfolio Analysis
Public debt
Georgia's economy is quite unleveraged compared to other
emerging market economies
Georgia's public debt is 28.5% of GDP in 2008 down from
56% in 2003
Paris club rescheduling in 2001 and 2004
The external debt is all multilateral or bilateral and significant
share is highly concessional
This explains why the government debt service burden is low
Eurobonds debut issuance of US$500 mln in April 2008,
maturity date 2013
Breakdown of public debt
US$ billion
5.0
60.0%
4.5
4.0
50.5%
40.0%
3.5
50.0%
1.00
40.0%
0.97
3.0
32.0%
2.5
25.5%
30.0%
0.83
35.6%
0.85
0.85
2.0
0.89
28.5%
3.38
20.0%
1.5
2.68
1.0
1.86
1.73
1.7
1.79
10.0%
0.5
0.0
0.0%
2004A
2005A
2006A
2007 A
2008A
2009F
External public debt
Internal public debt
Total public debt as % of GDP
External public debt service
US$ mln
Source: "The Georgian Economy Overview", Government of
Georgia Presentation, December 2009.
General government debt as % of GDP, Q1'09
Kazakhstan
200
8.8%
180
10
140
160
10.0%
Russia
9.0%
Estonia
7.3%
7.1%
8.0%
Bulgaria
Czech Republic
7.0%
Slovak Republic
5.5%
120
6.0%
Belarus
100
880
5.0%
Lithuania
173.3
Ukraine
4.0%
152.2
3.4%
2.9%
Turkey
60
110.6
103.8
40
20
0
2004A
3.0%
102.1
Armenia
118.7
2.0%
Latvia
1.0%
Poland
Georgia
0.0%
2005 A
2006A
2007A
2008A
2009F
Hungary
0%
5%
10%
15% 20% 25% 30% 35% 40%
45%
External debt service External debt service as % of budget revenue
Source: "The Georgian Economy Overview", Government of Georgia Presentation, June 2009.
Labkon
BANK OF GEORGIA
www.bog.ge/ir
■2008 Q1 '09 general government debt/2009F GDP
Source: World Bank, International Monetary Fund
March 2010
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