According to the Deputy Minister of Finance, Giorgi Kakauridze, Georgia will not have to repay the foreign debts taken due to the crisis in 2020 from next year.

As the Deputy Minister noted about the foreign debt at the Parliament, Georgia will receive the full amount of loan, which will be repaid with a grace period of at least 3 years.

"When we presented the anti-crisis plan, we talked about borrowing $ 1.5 billion this year, of which more than $ 900 million has already been ratified. We think that all the contracts will be signed in October. Most of it has been already installed. By the end of September, in October up to 80% will be installed. It probably won't pass ehead on time and we will have to ratify one agreement with the Asian Development Bank in the new parliament. We will receive these funds fully this year.

As for the debt repayment schedule, if we take only the debt taken due to the crisis, we will not have to repay them next year, because they have a grace period of at least 3 years, although in general the country has to repay the debt", - said Kakauridze.

According to Kakauridze, Georgia will have to repay up to 2.4 billion GEL of foreign debt next year.

"In 2021, the largest amount we have to repay is $ 500 million in Eurobonds. The existing debts will total about 2.4 billion GEL, which we will repay. I think this year's budget will allow us to have enough money to repay part of the debts and we will not need to borrow additional funds for that", - said the Deputy Minister.

source: IPN