Georgia’s gross external debt up in Q1 2023

The gross external debt of Georgia amounted to 23.9 billion USD (61.1 billion GEL) as of 31st of March 2023. It stood at 90.2 percent of last four quarter GDP. During the first quarter of 2023 the gross external debt of Georgia increased by 333.4 million USD. Out of that, 282.8 million USD increase and 38.9 million USD increase was due to exchange rate changes and transactions respectively, while 6.0  million USD and 3.6 million USD increase was due to price and other changes.

Public sector external debt amounted to 10.8 billion USD (27.5 billion GEL) or 40.6 percent of GDP, out of which, debt of the general government amounted to 8.2 billion USD (21.0 billion GEL) or 31.0 percent of GDP. External liabilities of the National Bank of Georgia amounted to 908.9 million USD (2.3 billion GEL) or 3.4 percent of GDP, and the bonds and loans of public enterprises were correspondingly 434.2 million USD (1.1 billion GEL) or 1.6 percent of GDP and 1.2 billion USD (3.1 billion GEL) and 4.6 percent of GDP.

Banking sector external debt amounted to 6.5 billion USD (16.5 billion GEL) or 24.4 percent of GDP; Other sectors’ external debt stood at 4.8 billion USD (12.2 billion GEL) or 18.0 percent of GDP; While 3.5 billion USD (9.1 billion GEL) or 13.4 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 12.6 billion USD (32.2 billion GEL) or 47.5 percent of the last four quarter GDP. Net public sector external debt was 5.7 billion USD (14.7 billion GEL) or 21.7 percent of GDP.

External liabilities of the National Bank of Georgia increased by 12.7 million USD, out of that, exchange rate changes increased the debt by 9.8 million USD and transactions by 2.9 million USD. By the end of the first quarter of 2023, the external debt of the National Bank of Georgia amounted to 908.9 million USD, of which 467.5 million USD are Special Drawing Rights (SDR)1, which have no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.