ADB Georgia Director highlights country's continued access to international capital markets as clear testament to its robust macroeconomic management

In an exclusive interview with Business Insider Georgia, Lesley Bearman Lahm, the Asian Development Bank (ADB) country director for Georgia, highlighted the country's continued access to international capital markets as a clear testament to its robust macroeconomic management.

Lahm emphasised that the successful refinancing of Eurobonds, characterised by high investor demand and favourable pricing, reinforces the global financial community’s trust in Georgia’s fiscal credibility.

Responding to a question on ADB’s assessment of Georgia’s fiscal framework and public debt sustainability, Lahm emphasised that maintaining fiscal discipline will remain critical given elevated external uncertainties.

“Georgia’s fiscal framework is prudent and credible, and recent developments reflect continued fiscal discipline and effective public financial management. In 2025, the fiscal deficit declined to 1.2% of GDP, driven by strong revenue mobilisation and more moderate expenditure growth. At the same time, public debt decreased to below 35% of GDP, which is significantly lower than widely used prudential benchmarks. Georgia’s uninterrupted access to international capital markets, including the successful refinancing of Eurobonds amid high investor interest and favorable pricing, further underscores confidence in the country’s macroeconomic management and fiscal reliability”, Lahm stated.

On monetary and regulatory policy, Lahm said ADB assesses the approach of the National Bank of Georgia as firm and consistent under current conditions, highlighting persistent downside risks due to Georgia’s sensitivity to global and regional shocks, external price pressures, and high dollarisation.

Lahm also pointed to the strengthening of external buffers through the accumulation of foreign exchange reserves. As of February 2026, Georgia’s gross international reserves reached a record level of approximately $6.65 billion, exceeding commonly used adequacy benchmarks.

“This is particularly important given the high level of dollarization and the economy’s vulnerability to external shocks”, she added.

Regarding the financial sector, Lahm noted that Georgia’s banking system remains resilient. Measures implemented by the National Bank - including dedollarisation and effective macroprudential policies - have helped reduce currency-related credit risks and excessive indebtedness.