BANK OF GEORGIA Financial Performance and Strategy
Public debt
Georgia's economy is quite unleveraged compared to other
emerging market economies
Georgia's public debt is 35.6% of GDP in 2009 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-
52.7%
40.4%
3.5
3.0
32.6%
2.5
50.0%
1.0
40.0%
0.97
41.1%
30.0%
0.83
0.85
0.85
2.0
0.89
26.3%
28.7%
3.38
20.0%
1.5-
2.48
1.0
1.86
1.73
1.7
1.79
10.0%
0.5
0.0
2004A
2005A
External public debt
2006A
2007A
Internal public debt
2008A
0.0%
2009 A
External public debt service
US$ mln
200
8.8%
180
10
140
160
120
100
880
7.3%
7.1%
60
110.6
103.8
40
20
0
2004A
152.2
2005 A
2006A
Total public debt as % of GDP
Source: "The Georgian Economy Overview", Government of Georgia Presentation,
Public debt as % of GDP, 2009
Russia
Turkey
10.0%
9.0%
Bulgaria
8.0%
Ukraine
7.0%
Lithuania
5.5%
6.0%
Slovak Republic
5.0%
Georgia
173.3
4.0%
Poland
3.4%
2.9%
3.0%
Latvia
102.1
118.7
2.0%
Kazakhstan
1.0%
Hungary
0.0%
Estonia
2007A
2008A
2009F
Czech Republic
0%
10% 20% 30% 40% 50% 60% 70% 80%
90%
Source: World Bank, International Monetary Fund
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
April 2010
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