Georgia Capital Investor Day

Georgia has the highest governance in the region Public debt remains at the well managed level Public debt as % of GDP is capped at 60% 80% 60% 40% 20% 0% Breakdown of public debt External public debt to GDP, % - Total public debt to GDP, % 80% Mostly concessional terms with 2.2% weighted average interest rate 60% 40% Multilateral 59% Domestic 19% External 81% 20% 0% Increasing share of capital expenditure highlights sound fiscal policy consolidated budget expenditure + increase in nonfinancial asset is capped at 30% of GDP 100% Bilateral 14% Eurobond 7% 80% 78.5% 60% 80.5% 75.6% 75.6% 74.8% 73.4% 70.9% 71.0% 40% 20% 24.4% 24.4% 25.2% 26.6% 29.1% 29.0% 21.5% 19.5% 0% 2015 2016 GEORGIA 2017 Capital Expenditures and net lending 2018E 2019F 2020F 2021F 2022F -->Current Expenditures CAPITAL Data source: Ministry of Finance 7

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