Tbilisi (GBC) - Amendments to the Organic Law on the National Bank, the presence of a majority of non-executive members on the NBG Board, restrictions on the possibility of discretionary financial transfers to the government, and other recommendations are contained in the final statement of the International Monetary Fund’s 2025 Article IV mission, which was presented by IMF Mission Chief Alejandro Hajdenberg at a joint briefing held at the National Bank on Wednesday.
"The appointment of the President of the National Bank of Georgia and the filling of the vacancies on the Board of the National Bank of Georgia are a welcome first step. The National Bank should now focus on amending the Organic Law on the National Bank of Georgia: ensuring the presence of a majority of non-executive members on the Board, limiting the possibility of discretionary financial transfers to the government, clarifying and further strengthening the criteria for the transfer of authority in the National Bank (the framework for the transfer of governance) and the qualification criteria for Board members. It is also recommended to change the decision-making model of the National Bank: moving from a presidential decision-making model to a collegial model," the mission's conclusion states.
At a briefing at the National Bank, the head of the mission stated that his goal is to restore Article 4 of the IMF. In addition, Hashdenberg emphasized Georgia's high economic indicators and low budget deficit, which ensure the country's economic sustainability. He positively assessed the work of the National Bank. The Head of Mission also spoke about global risks and noted that all of these are both challenges and opportunities for Georgia.
Regarding poverty, he noted that it has been reduced, but it still remains a challenge.
Hajdenberg also spoke about the need for investments in infrastructure and improved land resource management.
Regarding risks arising from lending, he stated that monitoring should continue in the consumer lending segment.
