Fitch affirmed Georgia’s BB rating, maintaining a positive outlook. The agency highlighted the strong inflow of FDI into the country, nearly 6% annually in Q1 2023, and the increase in FX reserves to over USD 5 bln. Fitch also anticipates that the public debt-to-GDP ratio will remain under 40% over their near-term forecasting period but acknowledges that three-quarters of this debt is FX-denominated.