The country also plans to increase the production of liquefied gas to 832,000 tonnes from 645,000 tonnes in 2021.

The country has also brought the redemption of gross domestic product (GDP) warrants to 20 percent.

Natural gas production at the major Shah Deniz gas field was 23 billion standard cubic metres (bcm) in 2021, up from around 18.1 bcm in 2020.

Fitch said there was a high degree of uncertainty about the near-term strategic objectives of President Putin, and the increased risk of an invasion reflected the extended period of troop build-up along Ukraine's border.

Fitch forecasts Georgia's economy to expand by 5.5 percent in 2022 and 5.3 percent in 2023, above the potential of 4.0-4.5 percent.