Georgian Deputy Finance Minister: Fitch report highlights resilience of Georgia’s economic and fiscal policies

Georgian Deputy Finance Minister Ekaterine Guntsadze said on Saturday that Fitch Ratings’ report highlights the resilience of the country’s economic and fiscal policies amid ongoing geopolitical challenges and elevated energy prices.

Commenting on the agency’s decision to revise Georgia’s sovereign rating outlook from stable to positive while affirming its rating at BB, Guntsadze said the improved outlook was driven by stronger external sector indicators, including growing international reserves and a narrowing current account deficit.

“Georgia continues to maintain high rates of economic growth. According to the report’s forecasts, the country is expected to sustain stronger economic growth than other countries with the same credit rating over the medium term. Growth exceeded 8% in 2023-2025”, she said.

She also noted that the report highlighted Georgia’s low fiscal deficit and public debt levels, adding that the country’s external debt consists largely of concessional loans from international financial institutions used to finance investment projects.

Guntsadze further emphasized the resilience of Georgia’s monetary policy and banking sector, alongside improvements in external sector indicators, including the current account deficit and international reserves.

“These factors will play an important role in the further improvement of Georgia’s credit rating”, Guntsadze concluded.

Fitch Ratings revised Georgia’s sovereign rating outlook from stable to positive while affirming the country’s credit rating at BB.