As of June 30, 2025, Georgia’s gross external debt stood at $26.5 billion (₾72.3 billion), equivalent to 75.1% of the country’s GDP over the last four quarters, the National Bank of Georgia (NBG) reported.

In the second quarter alone, external debt increased by $1.1 billion, driven by:

Exchange rate changes: +$815.5 million

Other changes: +$144.1 million

Transactions: +$74.8 million

Price changes: +$18.6 million

Public Sector Debt

Total public sector external debt: $11.5 billion (₾31.2 billion), or 32.4% of GDP

Of this, general government debt: $8.9 billion (₾24.3 billion), or 25.3%

National Bank of Georgia (NBG) liabilities: $821.1 million (₾2.2 billion), or 2.3%

Public enterprise debt (bonds and loans): $451.8 million and $1.3 billion, respectively (totaling 4.9% of GDP)

Private Sector Debt

Banking sector: $9.1 billion (₾24.8 billion), or 25.8% of GDP

Other sectors: $4.9 billion (₾13.4 billion), or 14.0%

Intercompany lending: $2.7 billion (₾7.4 billion), or 7.7%

87% of Georgia’s external debt is denominated in foreign currency.

Net External Debt

Net external debt amounted to $13.8 billion (₾37.5 billion), or 39.0% of GDP, while net public sector external debt was $6.8 billion (₾18.4 billion), or 19.2% of GDP.

NBG External Liabilities

NBG’s external liabilities slightly declined by $1.7 million, with transaction-related reductions of $29.3 million offset by $27.7 million in exchange rate increases. Of the total $821.1 million in liabilities, $477.2 million are held in Special Drawing Rights (SDRs)—non-repayable as long as Georgia remains an IMF member.