In 2020, the Georgian government will get a foreign debt of GEL 7.1 billion. GEL 1.1 billion will be spent to pay off the government's foreign debt this year.

According to the document prepared by the Georgian government on main macroeconomic projection and main directions of the ministries, the net increase in liabilities during the current year will be GEL 7.8 billion. Of this, increase in foreign debts will be GEL 6.1 billion and increase in domestic debts will be GEL 1.7 billion.

As for the forecast for the coming years, the government will get GEL 3.4 billion of foreign debt in 2021 and GEL 2.1 billion - in 2022.

According to the document, after a 4% decline in 2020, 4% GDP growth is projected in 2021 and 6% - in 2022. Exports are expected to decrease by 6.8% in 2020, while imports are expected to increase by 0.7%, while according to the 2021 forecast, exports will increase by 9.5% and imports will increase by 6%.

"The macroeconomic policy of the country in the current period will be aimed at improving the economy, so that the level of development of the country returns to the potential rate and ensures macroeconomic stability in the medium term. The main priorities for achieving this will be: economic stabilization and sustainable and high economic growth at the next stage; rapid and sustainable consolidation of public debts increased under the conditions of pandemic; improvement of the investment climate, etc,” reads the document.

source: IPN