The future of the IMF in Georgia: Turnava on expectations and prospects

Georgia will make efforts to restore the program of the International Monetary Fund (IMF). The head of the National Bank stressed the importance of this program for the country, and also expressed confidence that the issue of its restoration will be advanced in the near future.

Difficulties and negotiations: details of cooperation with the IMF

In July 2023, the IMF postponed consideration of the second review of Georgia under the Agreement on Reserve Financing (SBA), which could bring the country about $ 40 million. Without revealing the reason for this decision, neither the National Bank nor the IMF provided clear answers. Nevertheless, Turnava stressed that cooperation with the organization continues, and the National Bank is actively cooperating with the IMF, preparing the necessary amendments to legislation.

Turnava stressed that the support of the International Monetary Fund has traditionally been a strong factor in attracting international investors. This creates the impression of reliability and attractiveness of the Georgian economy and financial system. The country's financial sector is growing and becoming more attractive for investment.

The cooperation of the National Bank with the IMF began in 1991 and continues successfully to this day. The organization actively supports Georgia in implementing structural reforms. The first three-year program ended in 2021, and in 2022 an agreement was reached on a new three-year program aimed at preserving and strengthening the country's macroeconomic and financial stability.