Tracking Georgia's Economic Recovery

70% 60% 50% 40% 30% 20% 10% -12% 2010 2011 2012 2013 2014 PUBLIC DEBT AS % OF GDP 2013 2014 2015 PUBLIC DEBT 2015 2016 2017 --Fiscal deficit (IMF program definition) Note: Deficit calculated as net lending / borrowing minus budget lending 2018 2019 2020F 2021F FISCAL DEFICIT Source: MoF, 1st draft of 2021 budget BREAKDOWN OF PUBLIC DEBT Source: MoF, as of August 2020 0% -2.0% -1.9% -2.4% -2.7% -2.0% -2% -3.3% -2.6% -4.4% -4% -1.7% -2.3% -5.1% -2.6% -2.8% -6% -5.3% -8% -10% -8.5% Multilateral 57% Domestic 22% External 78% weighted average interest rate 1.5% External public debt portfolio 2016 2017 2018 Public debt/GDP capped at 60% ―― Total public debt to GDP, % - External public debt to GDP, % 2022F 2023F 2024F Source: MoF, 1st draft of 2021 budget 70% 140% 60% 120% 50% 100% 80% 40% 60% 30% 40% 20% 20% 10% 0% 2019 2020F 2021F 2022F 2023F 2024F 7% GROSS GOVERNMENT DEBT/GDP | 2019 Russia Kazakhstan Uzbekistan Moldova Turkey Czech rep. Lithuania Latvia Romania Georgia Belarus 39.8% Poland Slovakia Armenia Bilateral 15% Eurobond Ukraine Hungary Slovenia Croatia Spain Canada Montenegro Singapore Italy Contractual maturity 21 years Source: IMF, MoF 55

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