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sector, social and labour market policy and the business environment.
"The European Union continues to support Georgia in its fight against the COVID-19 pandemic. We also believe that the agreed reforms related to this special assistance will contribute to the long-term perspective of Georgia's further approximation to European standards and will be of particular benefit to Georgian citizens in areas such as justice, occupational safety and pensions,” noted the EU Ambassador to Tbilisi Carl Hartzel.
6.2 Debt
Georgia - Gross 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 external debt
Gross external debt ($ mn)
17,832 17,825 18,242 17,900 18,631 18,326 18,880 19,662 20,285 20,592
2013 2014 2015 2016 2017 2018 2019 2020
Gross external debt (% GDP)
78.2 79.4 102.7 105.1 106.4 101.4 106.9 129.6
source: CEIC, World Bank
Georgia’s gross external debt up by $22.6mn in Q1
Georgia currently owes $20.6bn in external debt, and this amount is growing, the National Bank of Georgia (NBG) said on June 30. During the first quarter of 2021, the gross external debt of Georgia increased by $22.6mn.
A $467.4mn increase was recorded due to transactions and a $15.9mn increase was due to price changes. Meanwhile, a decrease of $332.8mn was due to exchange rate changes and a $127.9mn drop was due to other changes during the first quarter 2021, the NBG said.
Public sector external debt amounted to $9.9bn or 64% of GDP, while banking sector external debt amounted to $4.4bn or 28.5% of GDP.
Georgia’s international investment position (IIP) amounted to a negative
38 GEORGIA Country Report August 2021 www.intellinews.com