Georgia fully repays debt to Armenia and Russia

Georgia has fully repaid its external debt to Russia, RIA Novosti reports, citing data from Georgia’s Ministry of Finance.

According to business agency BMG, this debt was originally accumulated during the early years of Georgia’s independence and was restructured in July 2004 under an agreement signed between Tbilisi’s creditors and the Paris Club.

According to Georgia’s Ministry of Finance, in addition to Russia, Tbilisi has fully repaid its long-term debts to Armenia, Iran, Turkey, Azerbaijan, and Kazakhstan. The ministry added that as of August, Georgia’s national debt stood at over $10 billion. The largest debt is owed to France—more than $850 million.