NBG Governor Koba Gvenetadze and Minister of Finance Lasha Khutsishvili held a working meeting with Paul Hilbers, Executive Director of the International Monetary Fund. The parties discussed the economic situation of the country and the challenges in the region. Koba Gvenetadze and Lasha Khutsishvili presented the country's macroeconomic situation, and reviewed monetary and fiscal policy issues.
Governor Gvenetadze underscored the reforms implemented by the NBG. Lasha Khutsishvili spoke about the reforms implemented in accounting, accountability and transparency of public finances, as well as fiscal risk management, and tax and customs administration.
The Georgian Central Bank leader explained that as a result of the policy implemented by the NBG, the financial sector successfully coped with the rather severe phase of the pandemic-driven shock, and is now equipped with solid buffers of capital and liquidity to face potential threats arising from the situation in the region.
The parties also talked about the Stand-By Arrangement approved by the Executive Board of the IMF and the economic reforms that the said facility entails. "The National Bank of Georgia closely collaborates with the International Monetary Fund. With the Fund’s support, the NBG has implemented a number of significant reforms over the years. The conversation with Paul Hilbers covered the stability of Georgia’s financial system and the NBG’s macroeconomic policy that has been commended by the IMF," said NBG Governor Koba Gvenetadze.
Minister of Finance Lasha Khutsishvili reiterated the significance of starting a new three-year Arrangement with the IMF for the right management of the country's fiscal framework, noting that the new economic development facility will be there to help to continue structural reforms and maintain fiscal stability in the country.
