Expected Q4 2009 Financial Performance
Breakdown of public debt
Public debt
Georgia's economy is quite unleveraged compared to other
emerging market economies
Georgia's public debt is 29% 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$500 mln in April 2008,
maturity date 2013
US$ billion
External public debt service
4.5
56.1%
60.0%
50.5%
4.0
1.03
50.0%
3.5
40.0%
3.0
0.97
40.0%
32.0%
32.8%
2.5
0.83
0.85
0.89
30.0%
0.85
2.0
0.76
29.0%
25.5%
1.5
3.11
20.0%
2.48
1.0
1.86
1.56
1.73
1.70
1.79
10.0%
0.5
0.0
0.0%
2003
2004
2005
2006
2007
2008
2009F
External public debt
Internal public debt
Total public debt as % of GDP
Source: "The Georgian Economy Overview", Government of
Georgia Presentation, June 2009.
General government debt as % of GDP, Q1 ā09
US$ mln
250.0
8.8%
200.0
7.1%
7.3%
10.0%
9.0%
Kazakhstan
Russia
Estonia
8.0%
Bulgaria
5.9%
7.0%
Czech Republic
150.0
6.0%
Slovak Republic
5.0%
3.4%
100.0
193.4
4.0%
152.2
2.2%
3.0%
Belarus
Lithuania
50.0
103.8
110.6
102.1
87.7
2.0%
1.0%
0.0%
2004
2005
2006
2007
2008
2009F
External debt service
External debt service as % of budget revenue
Source: "The Georgian Economy Overview", Government of Georgia Presentation, June 2009.
LOLEJN
BANK OF GEORGIA.
www.bog.ge/ir
Ukraine
Turkey
Armenia
Latvia
Poland
Georgia
Hungary
0%
5%
10%
15% 20% 25% 30% 35% 40% 45%
ā 2008 Q1 '09 general government debt/2009F GDP
Source: World Bank, International Monetary Fund
January 2010
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