Bank of Georgia Growth and Reform Strategy

0% LOW PUBLIC DEBT Fiscal deficit -2% 2.0% -1.7% -1.9% -4% -2.6% -2.4% -2.9% -2.7% -2.3% -2.4% -2.5% -2.6% -6% -5.3% -8% -10% Fiscal deficit (IMF program definition) Note: Deficit calculated as net lending / borrowing minus budget lending 2018 2019E 2020F 2021F Public debt as % of GDP Source: IMF, MoF, Geostat 140% 70% Public debt/GDP 60% capped at 60% 50% 40% 30% 20% 10% 70% 120% 60% 100% 50% 80% 60% 40% 40% 30% 20% 20% 0% 10% BANK OF GEORGIA Total public debt to GDP, % - External public debt to GDP, % 2018 2019E 2020F 2021F Russia ☐ Source: MoF, IMF Domestic 21% External 79% Multilateral 57% Breakdown of public debt Source: MoF, as of December 2019 Bilateral 15% Eurobond 7% External public debt portfolio weighted average interest rate 2.1% Contractual maturity 22 years Gross government debt/GDP, 2019E Source: IMF, MoF, Galt & Taggart Kazakhstan Uzbekistan Moldova Turkey Czech rep. Lithuania Latvia Romania Georgia Belarus 40.3% Poland Slovakia Armenia Ukraine Slovenia Hungary Croatia Spain Canada Montenegro Singapore Italy 44 46

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