The fiscal-risk analysis names the loss of international arbitrations as a risk to the budget and counts 8 pending cases with combined claims of $4.8 billion, bm.ge reported on Thursday afternoon in its reading of the document. Of 7 completed cases against the state, Georgia won 4 and was ordered to pay in 3. The 2 lost cases it describes sit outside the 8 pending claims, and they are the ones with sums attached.
ENKA's claim over the Namakhvani hydropower project, whose investment agreement the state terminated, was lost in December 2024. The award is $443,258,952 plus 356,190 euros and 40,362 pounds, with interest at SOFR plus 4% until it is paid, Georgia has challenged it in the French courts, and in September 2026 ENKA applied to the US District Court for the District of Columbia over it.
Of 7 completed cases against the state, Georgia won 4 and was ordered to pay in 3.
Inter RAO's case was lost too. A payment schedule agreed between the parties in December 2025 runs to 10 July 2028, the compensation due over the period reached $139 million, and 2 payments have been made, on 31 December 2025 and 10 July 2026. Together the 2 sums come to about $582 million before interest, CAW's addition, and the annex does not say what share of the $4.8 billion in pending claims the ministry expects to pay.
The tax side of the draft appeared the same day. Wednesday's release had carried spending and no revenue line, and on Thursday the finance ministry's preliminary 2027 budget, now with parliament, put taxes at 25.2 billion lari, 2 billion or 8.8% more than this year, on an assumption of 5% economic growth, bm.ge reported. Value-added tax carries 9.68 billion of that, income tax 9 billion, profit tax 3.55 billion, and excise and import duty stay flat, with other revenues forecast at 1.3 billion and government spending up 1.2 billion to 32 billion.
At about 2.62 lari to the dollar the 8 claims come to roughly 12.6 billion lari, CAW's conversion, against that tax plan of 25.2 billion. Claims are claims, and the comparison is a scale, not a bill: the annex lists what is being asked of the state, not what it expects to pay.
The same draft prices the debt that is not in dispute. External debt service costs 2.28 billion lari in 2027, 1.49 billion of principal and 794 million of interest, and the state plans 2.07 billion lari of new external borrowing, bm.ge reported from the draft. The World Bank group is due 600.7 million lari and the Asian Development Bank 599 million.
More detail also came on the central bank's decision of 30 September to extend its payment-to-income limits to higher earners. Davit Utiashvili, head of the National Bank's financial stability department, said in a television interview that over-indebtedness is not today's problem and the measure is aimed at the future, bm.ge reported. The income band under the stricter limits rises from 1,500 lari now to 2,000 from 1 February 2027 and 2,500 from 1 September 2027, and he recalled that 700,000 people were once on the overdue blacklist.
What changes next: the full document, with the deficit and the debt stock that the published figures do not state, is the denominator the annex's $4.8 billion will be read against, and the DC court's calendar on the ENKA award shows whether the first lost case becomes a 2027 payment. Unresolved: the names of the 8 claimants, the sums behind each and whether $4.8 billion is up or down on last year's annex.