IMF Mission Head: Georgian Gov’t, central bank making “satisfactory efforts” to comply with sanctions on Russia

James John, the Mission Head of the International Monetary Fund. Photo: Ministry of Finance, 11 May 2023 - 15:50, Tbilisi,Georgia

James John, the Mission Head of the International Monetary Fund, on Thursday told Georgian media the country’s Government and central bank were making “satisfactory efforts” to comply with the international sanctions placed on Russia for its invasion of Ukraine.

The Georgian Public Broadcaster cited John as noting “risk factors” with enforcement of sanctions but added the country was “trying to fulfil” the limitations imposed by the international community on Russia.

We have spoken to many stakeholders, as we hear from partner countries, and we find that Georgia, and especially the National Bank of Georgia, are making satisfactory efforts to comply with international sanctions”, John said.

He also noted “productive discussions” with the Georgian authorities during his visit to the country.

The IMF today announced the completion of the second review under the Stand-By Arrangement with Georgia, with the process making about $40 million in support available to the country.

The Fund said the Georgian economy continued to “perform strongly, driven by robust tourism, transit trade, and financial inflows triggered by Russia’s war in Ukraine, and supported by prudent macroeconomic policies”.