The NBG Governor Koba Gvenetadze took part in the symposium held as part of the Annual Meetings of the International Monetary Fund and the World Bank.

 

At the meeting attended by international investors, the leader of Georgia’s Central Bank spoke in detail about the sound macroeconomic environment and the favorable investment climate in Georgia, elaborating on its investment opportunities.

 

 

Governor Gvenetadze’s speech focused on the challenges and macroeconomic trends in the world. Koba Gvenetadze reviewed the measures implemented by the National Bank of Georgia in response to the challenges of the COVID-19 pandemic, noting that Georgia’s economy was affected by the situation on the international markets and the globally growing inflation. The reforms implemented by the NBG allowed the country's financial sector to successfully cope with the challenges, the NBG Governor added.

 

Koba Gvenetadze pinpointed the importance of cooperation between the International Monetary Fund and the National Bank of Georgia. The discussion included the IMF Stand-By Arrangement for Georgia approved by the IMF Executive Board and the economic reforms that the arrangement entails.

 

 

“In June 2022, the IMF Executive Board approved Stand-By Arrangement for Georgia, which provides support for the authorities’ economic policies over the next three years. The program is of precautionary nature, meaning that Georgia will receive around SDR 210 million (about $289 million) in case of need. The activities of the National Bank of Georgia in slowing down the annual inflation in light of unusually high uncertainty were positively described by the IMF mission in September 2022. According to the end-of-mission press release “The NBG has taken steps to mitigate inflation pressures and support financial stability”. Moreover, “the mission welcomes the authorities’ continued commitment to exchange rate flexibility, which has proven an essential shock absorber in recent years”, Koba Gvenetadze said.