NBG: Georgia’s total external debt hits USD 27.1 billion in Q1 2026
Georgia’s total external debt stood at USD 27.1 billion (GEL 73.2 billion) as of March 31, 2026, representing 68.7 per cent of the country’s GDP over the last four quarters, according to data released by the National Bank of Georgia (NBG).
The central bank reported that Georgia’s gross external debt increased by USD 252.9 million during the first quarter of 2026. This net increase reflects a USD 574.0 million rise driven by operational transactions, which was partially offset by a USD 257.1 million reduction due to exchange rate fluctuations. Price changes and other adjustments further reduced the debt by USD 12.5 million and USD 51.5 million, respectively.
“Public sector external debt amounted to USD 11.6 billion (GEL 31.3 billion), or 29.4 per cent of GDP. Within this category, general government debt accounted for USD 9.1 billion (GEL 24.6 billion; 23.1 per cent of GDP), while the National Bank’s liabilities stood at USD 772.8 million (GEL 2.1 billion; 2.0 per cent of GDP). Additionally, bonds and loans issued by state-owned enterprises accounted for USD 481.8 million (GEL 1.3 billion; 1.2 per cent of GDP) and USD 1.2 billion (GEL 3.4 billion; 3.2 per cent of GDP), respectively.
Meanwhile, the banking sector external debt reached USD 9.8 billion (GEL 26.5 billion; 24.8 per cent of GDP), other private sectors accounted for USD 5.0 billion (GEL 13.4 billion; 12.6 per cent of GDP), and intercompany debt stood at USD 2.5 billion (GEL 6.6 billion; 6.2 per cent of GDP). Of the total external debt, 85.6 per cent is denominated in foreign currencies,” the National Bank provided a detailed breakdown of the figures.
As of March 31, 2026, Georgia’s net external debt, which factors in external assets, stood at USD 12.5 billion (GEL 33.8 billion), or 31.8 per cent of the past four quarters’ GDP. The public sector’s share of this net external debt accounted for USD 5.3 billion (GEL 14.3 billion), translating to 13.4 per cent of GDP.
The NBG also highlighted a marginal decrease in its own liabilities:
“During the first quarter of 2026, the external debt of the National Bank of Georgia decreased by USD 8.1 million. This reduction was driven by a USD 7.5 million valuation gain from exchange rate movements and a USD 617,600 decrease due to operational changes.
It is worth noting that by the end of Q1 2026, USD 470.8 million of the central bank’s total external liabilities consisted of Special Drawing Rights (SDRs) allocated by the IMF. These allocations carry no fixed maturity date and, in practice, do not constitute a repayment obligation as long as Georgia remains a member of the International Monetary Fund,” the central bank statement concluded.