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Foreign debt of state-owned companies is grown to $1.72 mln

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Natia Taktakishvili
30.03.21 10:30
716
The foreign debt of Georgian state-owned companies is grown to 1.72 billion USD (5.81 billion GEL), - the National Bank of Georgia (NBG) reports.

Foreign debt includes international bonds and direct foreign liabilities of state-owned companies.

As of December 31 2020, bonds and loans of public enterprises were correspondingly 802.7 million USD, which was 30 million USD less compared to the same period of 2019. The volume of foreign debt amounted to 923 million USD, which was 57 USD up y-o-y. Correspondingly, the total liability of state-owned enterprises increased by 27 million USD last year.

These liabilities include $ 250 million worth Eurobonds of the Oil and Gas Corporation and $ 500 million worth Eurobonds issued by the Georgian Railway.

As of December 31, 2020, public sector external debt amounted to 9.7 billion USD or 31.9 billion GEL, including the debt of the NBG and public enterprises. As usual, sate-owned companies are not profitable. Public enterprises had a loss of 55 million GEL in 2019, while their loss amounted to 713 million GEL in 2018, so their weak financial results raise a risk that taxpayers will have to pay their liabilities.

As for the gross debt of the private sector, it amounts to 10.6 billion USD, including the banking sector external debt totals to 4.4 billion USD.