The International Monetary Fund (IMF) has concluded its 2026 Article IV consultation mission to Georgia. During the visit, the mission held a series of high-level meetings with the leadership of the National Bank of Georgia (NBG), the Government of Georgia, and other key stakeholders.

The visit concluded with a joint press briefing at the NBG, featuring Natia Turnava, Governor of the NBG; Lasha Khutsishvili, Minister of Finance of Georgia; and Alejandro Hajdenberg, IMF Mission Chief.

In his remarks, IMF Mission Chief Alejandro Hajdenberg noted that Georgia’s economic performance remains robust, supported by prudent macroeconomic management and sound policy frameworks.

“At the same time, amid rising global uncertainty particularly in light of the ongoing conflict in the Middle Eastrisks to the economic outlook are increasing. Provided the conflict is short-lived, we expect the Georgian economy to maintain strong growth, albeit at a more moderate pace. This would reflect the continuation of prudent policies observed in recent years,” he stated.

He further emphasized that Georgia is now better positioned to withstand external shocks, supported by strong macroeconomic fundamentals and policy buffers. Going forward, policies should focus on preserving macro-financial stability and safeguarding the country’s hard-earned credibility.

The Governor of the NBG expressed appreciation to the IMF mission for its positive assessment, particularly regarding Georgia’s monetary and fiscal policy frameworks.

“The IMF highlighted the prudence of the NBG’s monetary policy, which is especially important in a challenging global environment. The mission also underscored Georgia’s strong economic activity and improved external position. As you are aware, the current account deficit reached a historically low level of 2.6% of GDP in 2025. For the NBG, this indicates that favorable conditions remain in place for the continued accumulation of international reserves. In addition, strong foreign currency inflows are observed across multiple channels, including trade. The IMF also noted that international reserves reached a record high last year and, for the first time since 2022, exceeded the 100% adequacy threshold,” stated Natia Turnava.

She also addressed inflation expectations, noting that they remain well anchored. At the same time, she emphasized the need to take into account the ongoing military conflict in the Middle East, which has increased volatility in global commodity markets including in Georgia and disrupted supply chains, thereby exerting additional upward pressure on prices.

“This represents an additional inflationary shock, the magnitude of which will depend on the duration of the conflict and the stabilization of global oil prices. Accordingly, this is a challenge that must be addressed through cautious and effective monetary policy measures, and we are fully prepared to respond,” the NBG Governor added.

According to Natia Turnava, strengthening the governance framework of the NBG was also a key topic discussed during the mission. She noted that, based on the IMF’s assessment, some of the Fund’s recommendations in this area have already been implemented, while work on the remaining measures is ongoing.

“Therefore, it can be said that we have also made solid progress in this regard,” Natia Turnava concluded.