ECONOMY

Audit Office: Due to the depreciation of the GEL exchange rate, the government debt increased by about 1.8 billion GEL in 8 months

02.12.20 16:05


Due to the depreciation of the GEL exchange rate, the government debt increased by about 1.8 billion GEL in the first 8 months of 2020.

 

The State Audit Office has published a report on the Government's implementation of the 2020 state budget of Georgia, according to which the debt of the Government of Georgia has increased by 5.6 billion GEL in 8 months and amounts to 25.5 billion GEL.

 

As for the reason for the increase in government debt, the increase in debt by 5.6 billion GEL was due to new loans, and this effect of growth is 67.1%, while the effect of the change in the GEL exchange rate is 32.9%. Accordingly, the government debt increased by GEL 1.8 billion during the mentioned period due to the depreciation of the exchange rate.


At the same time, it should be noted that the structure of government external debt, in terms of currencies, is dominated by the volume of loans taken in euros (39.5%), which is 8 percentage points higher than at the end of 2019.

 

 

source: IPN 

 

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