"The reason for the arrears is debt accumulated in 1992-1993 as a result of trade-economic relations between the countries, which was stated by the agreements of June 15th 1993 and July 2nd 1994 in the form of government loans,” the official letter of the Georgian Ministry of Finance reads.
Georgia's debt to Armenia originates in 1990s
The basis of Georgia's debt to Armenia, amounting to $16,636,000, is a backlog of debts result from trade-economic relations between the countries in the period 1992-1993, Business Georgia reports.
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