Georgia Owes More than $4 Billion, Including to Armenia, Azerbaijan, Russia

According to Georgia’s Ministry of Finance, loans taken under state guarantee and to cover the country’s foreign debt on Jun. 30, 2011, amounted to 4 billion 182 million 276 thousand dollars. Furthermore, Georgia’s state debt grew by $254.4 million in 2011.

As told to News-Georgia by the finance ministry, there are 17 countries that are bilateral creditors in Georgia and the total debt owing to them amounts to 610 million 568 thousand dollars.

Topping the list of countries Georgia owes money to is Germany (256 million 999 thousand), followed by Russia (114 million 252 thousand) then Japan (62 million 262 thousand). Other creditor countries include Armenia (16 million 488 thousand), Austria ($260,000 US), Azerbaijan (13 million 898 thousand), China (4 million 642 thousand), France (6 million 769 thousand), Iran (10 million 854 thousand),  Japan (62 million 262 thousand), Kazakhstan (27 million 774 thousand), Kuwait (25 million 959 thousand), the Netherlands (7 million 502 thousand), Turkey (26 million 565 thousand), Turkmenistan ($211,000), Ukraine ($311,000), the US (35 million 264 thousand), and Uzbekistan ($340,000).

In addition to states, Georgia’s creditors include international institutions, the combined debt of which is 3 billion 3 million 568 thousand dollars. Among these institutions are the World Bank, the International Bank for Reconstruction and Development, the International Monetary Fund, the European Union, the European Bank for Reconstruction and Development, the International Fund for Agricultural Development, the Asian Development Bank and the European Investment Bank.