Acting National Bank Governor: technical teams to work on resumption of IMF-supported Stand-By Arrangement

Natia Turnava, the Acting Governor of the National Bank of Georgia on Friday met Jihad Azour, the Director of the Middle East and Central Asia Department at the International Monetary Fund, to discuss the “specific steps” related to "prompt resumption" of the IMF-supported Stand-By Arrangement with Georgia that has been suspended.

We agreed with the IMF that the work related to the resumption of the programme will continue at the level of technical teams in the near future”, Turnava said. 

• Georgian central bank amends int’l sanctions compliance to exempt citizens without court judgement

The approval of the second review has been delayed due to the IMF’s disapproval of the change in the management structure of the NBG and the institution’s recent decision on amendments to its compliance to sanctions regulations that exempted Georgian nationals from domestic sanctions without judgments by national courts. 

• Acting National Bank Governor, IMF discuss resumption of Stand-By Arrangement

The National Bank said the meeting emphasised the need to finish the second review of the programme on time, for which “both sides expressed full readiness”.

The meeting was held as part of the annual meetings of the IMF and World Bank taking place in Marrakesh, Morocco between Wednesday and Saturday.