🇬🇪 Georgia
Public Sector Debt · 2026
Total Debt
38.2%
of GDP
Global Rank
#155
of 192
S&P Rating
BB
Credit rating
SOE Debt
+4.8%
3 categories
5yr Change
-23pp
improving
Where the Debt Sits
Central Government
Central Government: 33.4%Energy SOEs: 1.5%Infrastructure: 1.8%Public Corps: 1.5%
Full Debt Breakdown
Central Government33.4% of GDP
Central GovernmentIMF WEO — General Government Debt
33.4%Energy SOEs1.5% of GDP
Energy SOEsIMF Article IV 2024 / PSBS TA 2020Power generation and distribution
1.5%Infrastructure SOEs1.8% of GDP
Georgian RailwayFitch / ADB / Georgian Railway financials$500M green Eurobonds due 2028; net debt/EBITDA 5.5x
1.8%Public Corporations1.5% of GDP
Georgian Development FundIMF Article IV 2024Renamed from Partnership Fund
1.5%Total Corporate Debt51.9% of GDP
NF corporate debt (est.)WB WDI 2020
51.9%Household Debt28.0% of GDP
Household debt (est.)WB WDI 2020
28.0%State Bank Liabilities2.0% of GDP
State-linked banksIMF Article IV 2024SOE sector 75%+ debt-to-assets ratio
2.0%All Layers Total120.1%
Credit Ratings
S&P
BB
Moody's
Ba2
Fitch
BB
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202633.4% GDP
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