National Bank of Georgia reports Georgia gross external debt at USD 27.1 billion at end-March 2026

The National Bank of Georgia published external debt statistics showing Georgia’s gross external debt at USD 27.1 billion, or GEL 73.2 billion, as of March 31, 2026. That equaled 68.7% of GDP over the last four quarters and was USD 252.9 million higher than at the end of the previous quarter. Net external debt stood at USD 12.5 billion, or GEL 33.8 billion, equal to 31.8% of GDP. The statistics are harmonized with the balance of payments and compiled under the International Monetary Fund’s 2003 External Debt Statistics methodology. The first-quarter increase in gross external debt was driven by USD 574.0 million in operational changes, partly offset by a USD 257.1 million decline from exchange-rate changes, a USD 12.5 million decline from price changes and a USD 51.5 million decline from other changes. Public sector external debt totaled USD 11.6 billion, or 29.4% of GDP, including USD 9.1 billion for the government sector, USD 772.8 million for the National Bank of Georgia and USD 1.2 billion plus USD 481.8 million in loans and bonds for state-owned enterprises. Banking sector external debt stood at USD 9.8 billion, other sectors at USD 5.0 billion and intercompany debt at USD 2.5 billion. Of total gross external debt, 85.6% was denominated in foreign currency. The National Bank of Georgia’s own external debt fell by USD 8.1 million in the first quarter, including a USD 7.5 million decline from exchange-rate changes and a USD 617.6 thousand decline from operational changes. At quarter-end, USD 470.8 million of the central bank’s gross external liabilities consisted of allocated Special Drawing Rights, which have no maturity and, in practice, do not become repayable while Georgia remains a member of the International Monetary Fund.