Gross external debt statistics are harmonized with BOP statistics. They include both public sector (general government, public corporations and national bank) and private sector (banking and other sectors) external debt. External debt statistics are compiled according to the methodology provided by the IMF’s “External Debt Statistics: Guide for Compilers and Users” (2003), said the National Bank of Georgia (NBG).

The gross external debt of Georgia amounted to 24.2 billion USD (63.2 billion GEL) as of 30 of June 2023. It stood at 85.9 percent of last four quarter GDP. During the second quarter of 2023 the gross external debt of Georgia increased by 260.3 million USD. Out of that, 320.1 million USD increase was due to transactions, at the same time, price and other changes lead to 13.3 million USD and 4.7 million USD increase of debt. While exchange rate changes lead to a decrease by 77.8 million USD.

Public sector external debt amounted to 10.8 billion USD (28.3 billion GEL) or 38.4 percent of GDP, out of which, debt of the general government amounted to 8.3 billion USD (21.7 billion GEL) or 29.4 percent of GDP. External liabilities of the National Bank of Georgia amounted to 882.9 million USD (2.3 billion GEL) or 3.1 percent of GDP, and the bonds and loans of public enterprises were correspondingly 431.8 million USD (1.1 billion GEL) or 1.5 percent of GDP and 1.2 billion USD (3.2 billion GEL) and 4.3 percent of GDP.

The banking sector external debt amounted to 6.7 billion USD (17.6 billion GEL) or 23.9 percent of GDP; Other sectors’ external debt stood at 4.9 billion USD (12.7 billion GEL) or 17.3 percent of GDP; While 3.4 billion USD (9.0 billion GEL) or 12.2 percent of GDP was the intercompany lending. 88.7 percent of the gross external debt of Georgia was denominated in a foreign currency.

The net external debt of Georgia amounted to 13.0 billion USD (34.0 billion GEL) or 46.1 percent of the last four quarter GDP. Net public sector external debt was 5.9 billion USD (15.4 billion GEL) or 21.0 percent of GDP.

External liabilities of the National Bank of Georgia decreased by 25.9 million USD, out of that, transactions decreased the debt by 15.9 million USD and exchange rate changes by 10.1 million USD. By the end of the second quarter of 2023, the external debt of the National Bank of Georgia amounted to 882.9 million USD, of which 462.6 million USD are Special Drawing Rights (SDR), which have no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.