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NBG Acting President Sees Strong Commitment From IMF To Resume IMF Program

ეროვნული ბანკი
19.10.23 10:00

Natia Turnava, Acting President of the National Bank, has said that active collaboration with the International Monetary Fund (IMF) is underway, and there is a strong commitment from the IMF to expedite the restoration of the program. In a meeting held last week with the heads of the IMF, discussions centred on resuming the suspended program.

“I had very positive and productive meetings in Marrakesh, where the annual meeting of the International Monetary Fund and the World Bank took place. I had meetings with the heads of the IMF, the managers of our region, and I saw a clear desire to allow the program to return to its normal rhythm as soon as possible,” stated Natia Turnava.

The program has been on hold since spring, and the IMF had some remarks. We are actively working with them. During the meetings, we saw strong will on the part of the IMF to restore the program as quickly as possible. We have a technical assistance group assigned by the IMF, which is helping us prepare some legislative changes, and we think that these changes will be submitted to the government and the parliament soon”, said Natia Turnava.

When questioned about the conditions or timeline for the program’s restoration, Turnava highlighted that legislative changes promoting the independence of the institution are crucial.

“First of all, these are legislative changes that will ensure more independence of the institution, which they recommended. We share the recommendation because this is not happening at the request of the IMF; it is also our task to further strengthen the institutional independence of the National Bank,” explained Natia Turnava.