According to the data of the State Audit Service, the government of Georgia will spend record-high funds on serving the interest of the foreign state debt in 2023.
As of the financial report, in total, the budget will spend GEL 1.65 billion on foreign debt in 2023, which is GEL 380 million more compared to the same period of this year. GEL 1.17 billion will be transferred to the principal debt, and 480 million will be used for paying the interest.
The debt interest service fee increased by GEL 250 million compared to this year.
The State Audit Service notes that part of Georgia's foreign debt is at a fixed rate, while 47% of foreign debt is tied to a variable rate. According to the assessment of the audit service, in conditions when the monetary rates in the world are tightening, the interest service of the credits tied to the variable rate is at risk of increasing in price.
"It is worth noting that in recent years, the share of variable interest rate loans in the government's external debt is characterized by an increasing trend and as of August 31, 2022, it is 47%," the report of the State Audit Service states.
In the next year, the government will cover the internal debt of 2.4 billion, of which 1.74 billion GEL will be the principal debt, and 675 million GEL will be the debt interest. Compared to the previous year, debt interest service will cost GEL 150 million more.
In total, the state foreign debt of Georgia amounts to GEL 21.5 billion.
See all the news
Gold is shining in the new geopolitical world
JSC “Rustavi Azot” was sold
We Are Creating An Innovative Co-Working Space In Tbilisi - Sergi Gvarjaladze
The Rich Often Enjoy Tax Break - Deputy Minister
Israel Got Acquainted With The Business Tourism Potential Of Georgia
Kettari Foundation became a partner of DATAFEST this year
Tata Power’s CEO Pays Visit to BMG
Turkiye generates more than $35B tourism income in 1st nine months of 2022
NEQSOL Holding has won defamation case against Communications Commission
Trip.com says China hotel bookings are surpassing pre-pandemic levels
Europe's largest crypto exchange WhiteBIT has partnered with Netflix
Interview with Albert Park, ADB’s Chief Economist - By Elene Kvanchilashvili, Forbes Georgia Executive Editor in Chief
Interview with #EBRD President Odile Renaud-Basso by Giorgi Isakadze, Editor in Chief of Forbes Georgia
Investigation Service detained two persons of the fact of evading a particularly large amount of tax
This year, the VIII international literature festival Odesa will be held in Batumi
Georgian Commercial Banks Boost Business loan portfolio for large enterprises
High blueberry exports from Georgia In July
#ForbesTalks - ინტერვიუ გიორგი ჯახუტაშვილთან / 10.08.2022
#ბარი: საუბრები წარმატებაზე ბარში - გიორგი ქადაგიძე, რევაზ ვაშაკიძე და გიორგი ისაკაძე - VII გადაცემა / 06.08.2022
#BMGDRIVE:„ადამიანები ვისაც ემუშავები მალე იცვლებიან, თანამდებობებს ტოვებენ - ეს პრობლემაა“ - მევლუდ მელაძე