Page 36 - GEORptJun22

would “already be a great relief”.
Garibashvili highlighted a conversation he had had with his economic team, the government and the parliamentary majority around the announced limitations on gambling. The PM said the government had plans to raise taxes on online casinos in general, adding his team was prioritising the development of sports, promotion of education, and creation of employment opportunities. Azerbaijan also took a similar step few months ago, banning the use of Azerbaijani cards in online casino websites.
6.3 Debt
Georgia - Gross 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 external debt
Gross external debt ($ mn)
18,256 17,915 18,645 18,348 18,927 19,949 20,607 20,861 20,912 21,044
2013 2014 2015 2016 2017 2018 2019 2020 2021
Gross external debt (% GDP)
78.2 79.4 102.7 105.1 106.4 101.4 106.9 129.6 120
source: CEIC, World Bank
Georgia’s gross external debt reached $21bn in Q3
Georgian government plans to reduce public debt to 51% of GDP by end of 2022
The gross external debt (GED) of Georgia amounted to $21.0bn as of the end of September, accounting for 120% of the four-quarter GDP calculated at the same moment. In absolute terms, Georgia’s GED has increased marginally during 2021 - after a sharp advance in 2021. In relative terms (% of GDP), the country’s indebtedness actually declined from 134.6% at the end of March 2021.
Compared to September 2019, Georgia’s GED increased by 17.5% ($3.1bn) and the debt-to-GDP ratio advanced by 16.6pp.
The Georgian government plans to decrease the country’s external debt to 51.1% of GDP next year, Prime Minister Irakli Gharibashvili stated on December 6.
Georgia’s external debt amounted to 58.66% of GDP in 2020, roughly GEL29.3bn, before increasing to 60% of GDP in 2021.
36 GEORGIA Country Report June 2022 www.intellinews.com