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Finance Ministry: Next Year’s new Debts will not exceed old ones

Published: December 13, 2013 | 2:28 pm
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The 2014 State Budget, which was approved by the Parliament today, will see the government take out a GEL 836 million loan, while the sum of GEL 869 million has been allocated for servicing and repaying existing debts.
The Ministry of Finance views positively the fact that more debts will be serviced than taken out next year. The ratio had been 4.5 times in favour of new loans in 2008, and 2.5 times in 2009 and 2010.
The volume of newly acquired State debts came to GEL 934.1 million in 2008, GEL 709.5 million in 2009, and GEL 963.8 in 2010, while the amount of repaid debts was GEL 203.7 million in 2008, GEL 318.1 million in 2009, and GEL 358.5 million in 2010.
It has to be noted, however, that the situation has improved sharply during the following 2 years. In 2011, new loans worth GEL 154.9 million were taken out, while the figure for 2012 was GEL 157 million. As for the amount of serviced debts, the figure was GEL 428.4 million in 2011, and GEL 378.5 million in 2012.
The country achieved its biggest success in terms of repaying State debts this year. A total of GEL 815 million was allocated from the State Budget for this purpose. On the other hand, the government only obtained GEL 218 million in new loans.

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