State Enterprise Debt Soars to 4.5 Billion GEL

Enterprises under state ownership have been listed as a potential fiscal risk in Georgia. The majority of these enterprises are inactive and often see a loss in profits. 34% of the revenues from such enterprises are within transport and network sector, 40.6% electricity, gas and water production and distribution, and 18% are trade operations.

As for the debts from state-owned enterprises, it is worth noting that the data on the national debt published by the Ministry of Finance does not include the credit obligations of state enterprises. However, according to the International Monetary Fund and the World Bank, state non-financial corporation credit obligations form part of the public sector debt. State non-finance corporations represent resident organisations that are controlled by state agencies.

Based on budget monitoring data, the 2019 projection shows that the debts of said enterprises will reach 4.48 billion GEL.

Over the last 5 years the enterprise debts have changed as follows:

  • 2015 - 3.79 billion GEL (22.4% of total debt)

  • 2016 - 4.6 billion GEL (23.3% of total debt)

  • 2017 - 4.5 billion GEL (21% of total debt)

  • 2018 - 4.47 billion GEL (19.5% of total debt)

  • 2019 forecast - 4.48 billion GEL (18.4% of total debt)

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