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Officials: foreign debt down as percentage of GDP

By M. Alkhazashvili
(Translated by Diana Dundua)
Monday, January 21
Officials announced on January 17 that Georgia’s foreign debt in 2007 was 16.8 percent of GDP, nearly a third of the 2003 figure of 44.9 percent.

The Finance Ministry forecasts a further decrease to 12 percent of GDP in 2008, according to the news agency RIA Novosti. The Foreign Ministry website puts foreign debt at USD 1.79 billion at the end of 2007.

However, independent MP and former economy minister Lado Papava claims that the government manipulates the GDP figure, the newspaper Rezonansi reports.