Total external debt amounts to USD 23.5 billion which is 95.7 percent of the 2022 GDP, reads the report published by the National Bank of Georgia (NBG).

“Total external debt statistics are harmonized with the balance of payments. It includes the external debt of the state (government sector, state-owned enterprises and the National Bank) and private sector (banking and other sectors). External debt statistics are produced in accordance with the methodology developed by the International Monetary Fund, “External Debt Statistics, Guide for Compilers and Users” – 2003.

As of December 31, 2022, the total foreign debt of Georgia amounted to 23.5 billion US dollars (63.6 billion GEL), which is 95.7 percent of the 2022 GDP. In the fourth quarter of 2022, the total foreign debt of Georgia increased by 1.4 billion USD. From this, due to exchange rate change, the debt is 764.2 mln. It increased by US dollars, due to the operational change – 568.1 million. 66.3 million in US dollars and due to price changes. increased by USD; And due to other changes, the debt is 8.7 million. decreased by USD.

State external debt amounted to 10.6 billion US dollars (28.7 billion GEL), which is 43.2 percent of GDP. Of this, the debt of the government sector is 8.1 billion US dollars (21.8 billion GEL; 32.8 percent of GDP), liabilities of the National Bank – 896.2 million US dollars (2.4 billion GEL; 3.6 percent of GDP), and bonds and loans of state enterprises, respectively, 440.0 million USD (1.2 billion GEL; 1.8 percent of GDP) and 1.2 billion USD (3.3 billion GEL; 5.0 percent of GDP).

The external debt of the banking sector amounted to 6.5 billion US dollars (17.5 billion GEL; 26.4 percent of GDP), the external debt of other sectors – 4.7 billion US dollars (12.6 billion GEL; 19.0 percent of GDP) and the intercompany debt – 3.4 billion US dollars ( 9.3 billion GEL; 13.9 percent of GDP). 89.3 percent of the total external debt is denominated in foreign currency. Among them, 50.7 percent of the debt is denominated in US dollars, and 27.1 percent in euros.

As of December 31, 2022, the net foreign debt of Georgia amounted to 12.5 billion US dollars (33.7 billion GEL), which is 50.6 percent of the 2022 GDP. From this, the net foreign debt of the state sector is 5.7 billion US dollars (15.5 billion GEL), which is 23.3 percent of GDP.

In the fourth quarter of 2022, the foreign debt of the National Bank of Georgia increased by USD 28.0 million. From this, due to exchange rate change, the debt is 34.5 mln. increased by USD, and due to the operational change, the external liabilities of the National Bank decreased by USD 6.5 million. At the end of 2022, the total foreign liabilities of the National Bank amounted to 896.2 million USD. Of this, 462.1 million US dollars is distributed special borrowing right (SRB), which has no maturity date and practically, the obligation to pay it will not arise as long as Georgia is a member of the International Monetary Fund,” reads the report.