"Lost deposits" during the first years of Georgia's independence, are no longer considered as public debt - the decision was made by the International Monetary Fund (IMF).
According to the Ministry of Finance, “lost deposits” are part of the domestic debt and it is called "historical debt". The estimated amount of this amount is 672 million GEL, although the Ministry of Finance notes that this debt must be specified.
According to Selim Cakir, Resident Representative of the IMF Mission in Georgia, “lost deposits” are a debt, but they have a different format. However, it should not be the direct part of the state debt. According to the new classification, this is a "contingent liability", which can be paid after meeting certain conditions.
Withdrawal of GEL 672 million from the statistics of public debt has a direct effect, it means a reduction of the actual debt. Prior to this assessment, the IMF forecasts that Georgia's public debt would reach 60.2% of GDP in 2021, although according to the updated parameters, the debt will be 59.1% of GDP.
