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EU Ambassador: “We Sincerely Hope that IMF Program will be Restored”

On September 26, Natia Turnava, the Acting President of the National Bank of Georgia, met with Paweł Herczyński, the Ambassador of the European Union to Georgia. The discussion focused on the recent amendments to regulations governing the enforcement of financial sanctions imposed by the US, UK, and EU in response to Russia’s invasion of Ukraine. According to the NBG press release, Natia Turnava noted that “the enacted amendment serves to perfect the compliance with restrictive measures and fully harmonize with the legislation of Georgia”.

The Acting President further emphasized the National Bank of Georgia’s continuous communication with commercial banks and international organizations. The conversation also touched upon the need to reinstate the temporarily suspended program with the International Monetary Fund.

Following the meeting, the EU Ambassador Paweł Herczyński stated: “On my side, I have stressed the key importance of the independence of National Bank of Georgia and in general a need to build a strong, independent and professional state institutions, especially now when in a one month time European Commission will issue its first enlargement report on Georgia… One of the 12 priorities, namely priority number two speaks precisely about strong state institutions”.

He also emphasized that “micro-financial stability is of key importance for all beneficiaries of EU assistance” and expressed the EU’s hope that the IMF program would be restored and that this would help the EU to continue smooth cooperation and direct assistance, including budgetary support, to Georgia.

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This post is also available in: ქართული (Georgian) Русский (Russian)


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