PARIS CLUB RESTRUCTURES DEBT FOR GEORGIA
The Ukrainian Times
November 10, 2004
The Paris Club of creditor nations restructured Georgia’s foreign debt
service. According to Zurab Nogaideli, finance minister of the Republic
of Georgia, interest is to be paid over the next 20 years, starting
from 2006. Thus, Georgia saved $ 200 million, which it was to pay this
year. The list of Georgia’s creditors includes Turkmenistan ($ 314.7
million), Russia ($ 156.8 million), Austria ($ 77.2 million), Turkey
( $ 54.3 million), the United States ($ 39.6 million), Kazakhstan ($
27.7 million), Armenia ($ 19.5 million), Germany ($ 16.4 million),
Azerbaijan ($ 16.1 million), Japan ($ 15.9 million), Iran ($ 12.8
million) and Kuwait ($ 5.1 million).
Incidentally, Russia agreed to restructure Georgia’s debt in exchange
for writing off the debt of $ 50 million owed by the VneshEkonomBank.