The Georgian government borrowed GEL 2.7 billion in the first half of 2026, exceeding the six-month borrowing plan by 2.3% and completing 102.3% of the planned amount, according to data published by the Finance Ministry’s Treasury Service. The amount represents 53.9% of the government’s annual borrowing plan.
The data shows that the main deviation came from domestic borrowing, which exceeded the planned level, while the government received slightly less than expected from external credit sources.
In particular, the government planned to raise GEL 831 million in domestic debt during the first six months of the year but actually borrowed GEL 1.03 billion, meaning the plan was fulfilled at 124.2%.
At the same time, external borrowing totaled GEL 1.7 billion, compared with the planned GEL 1.8 billion, resulting in 92.4% execution of the six-month forecast.
Within external financing, long-term concessional investment loans were below expectations. The six-month plan amounted to GEL 489 million, while actual borrowing reached GEL 367 million, or 75% of the target.
Another component of external liabilities is budget-supporting loans. The government’s annual plan for this category stands at GEL 640 million, although no such borrowing was scheduled for the first half of 2026. According to the Treasury data, these funds are likely planned for the second half of the year.
The external debt section also includes securities other than shares, including Eurobonds. The annual borrowing plan for this category was set at GEL 1.35 billion, with most of the amount planned for the first half of the year. Execution reached 98.7%.
