The IMF Mission, headed by Mr. Paulo Neuhaus, Deputy Director of Middle East and Central Asia Department, started its visit to Georgia on February 25, with meeting with Irakli Managadze, President of the National Bank of Georgia. The purpose of this visit of the Mission is to review the status of Poverty Reduction and Economic Growth Program, and discuss the monetary policy, 2005 state budget parameters and structural reforms. It was the first general review to cover macroeconomic and monetary policy issues, Mr. Neuhaus said. President Managadze hopes that this round of the assessment of the Poverty Reduction and Economic Growth Program will again be successful. After two tranches received for the fill up of foreign exchange reserves last year, if this review is positive, the IMF Board of Directors will decide on allocating another tranche this year. “The IMF Board of Directors will discuss the allocation of another tranche in May. Therefore, these meetings have to resume successfully. Today’s meeting covered those main macroeconomic parameters that will serve as basis for the 2005 economic policy. As the IMF tranches are aimed at filling up foreign exchange reserves, the date of the receipt of the tranche is not of the utmost importance at this stage. It is important that the three-year IMF program in Georgia be implemented without impediments. As to the monetary policy, it is important that we maintain the traditional low rate of inflation and price stability,” – President Managadze said.The IMF Mission visit will last from February 25 to March 7. The Poverty Reduction Program is a three-year program, covering SDR 98 million (USD 150.3 million). The first tranche of SDR 14 million arrived at the NBG on June 21, 2004. The second tranche of SDR 14 million (USD 21.5 million) was transferred to the NBG account on December 28. As of February 22, 2005, the volume of the National Bank’s international reserves amounts to USD 400.14 million.