Georgia's external debt is $26.9 billion - National Bank

According to the National Bank of Georgia, Georgia's total external debt as of December 31, 2025 amounted to $26.9 billion, or 72.4 billion GEL, which is 70.4 percent of 2025 GDP.

According to the Central Bank, in the fourth quarter of 2025, Georgia's total external debt decreased by $352.7 million compared to the previous quarter. Among them, due to operational changes, the debt decreased by $440.1 million and due to other changes, by $14.6 million, while due to exchange rate and price changes, the debt increased by $72.7 million and $29.4 million, respectively.

“The state external debt amounted to 11.7 billion USD (31.6 billion GEL), which is 30.7 percent of GDP. Of this, the government sector debt is 9.2 billion USD (24.8 billion GEL; 24.1 percent of GDP), the National Bank’s liabilities are 780.9 million USD (2.1 billion GEL; 2.0 percent of GDP), and the bonds and loans of state-owned enterprises are 473.1 million USD (1.3 billion GEL; 1.2 percent of GDP) and 1.3 billion USD (3.4 billion GEL; 3.3 percent of GDP), respectively. The banking sector’s external debt amounted to 9.5 billion USD (25.5 billion GEL; 24.8 percent of GDP), the external debt of other sectors is 5.0 billion USD (13.4 billion GEL; 13.0 percent of GDP) and intercompany debt – 2.4 billion USD (6.6 billion GEL; 6.4 percent of GDP). 86.7 percent of total external debt is denominated in foreign currency.

Georgia's net external debt, as of December 31, 2025, amounted to 12.6 billion USD (34.0 billion GEL), which is 33.1 percent of 2025 GDP. Of this, the net external debt of the public sector is 5.6 billion USD (15.0 billion GEL), which is 14.6 percent of GDP.

In the fourth quarter of 2025, the external debt of the National Bank of Georgia decreased by 38.6 million USD. Of this, the debt decreased by 37.5 million USD due to operational changes, and the exchange rate Due to the change – by 1.0 million USD. At the end of 2025, the total external liabilities of the National Bank amounted to 780.9 million USD. Of this, 475.5 million USD are distributed special drawing rights, which have no maturity date and, in practice, the obligation to pay them will not arise as long as Georgia is a member of the International Monetary Fund,” the NBG publication states.