Georgia currently owes $22.3 billion in foreign debt and that amount is growing, the National Bank of Georgia said in its latest related statistics update.

The country’s gross external debt rose by $268.8 million in the second quarter of this year, the figures showed, with $662.3 million related to transactions. The figures for exchange rate, price and other changes marked down $290.2 million, $73.2 million and $30.1 million respectively, NBG said.

According to statistical data, the external debt of the public sector reached 10.2 billion dollars, or 47.8% of the gross domestic product, while the external debt of the banking sector amounted to 5.6 billion dollars. dollars, or 26.1% of GDP.

Georgia’s international investment position stood at -$26.8 billion as of June 30, with net IIP deteriorating by $326.5 million from the previous quarter, the bank also noted. The IIP is a financial statement that explains the value and composition of a country’s external financial assets and liabilities. A positive IIP value indicates that a country is a creditor country, while a negative value indicates that it is a debtor country, such as Georgia.

Meanwhile, other Bank data on the country’s balance of payments showed how much money had flowed in and out of the country, with the figures showing a balance of payments current account deficit at 252.1 million. dollars.

The trade in goods and income accounts contribute negatively to the current account, while the services account and current transfers contribute positively,” the NBG said.

In the second quarter of 2022, the current account deficit has shrunk by 49% per year.