The International Monetary Fund (IMF) published its assessment following yet another round of consultations with the Georgian government and said that Georgia retains a low level of inflation due to the strict monetary policy and the stability of the national currency’s exchange rate implemented by the National Bank of Georgia (NBG).

“Amid inflation approaching the target rate, interest rate reaching the neutral level, and internal demand pressure softening, the monetary policy situation of the NBG is consistent with the current environment,” reads the report.

According to the NBG President Natia Turnava, the prognosis of the NBG and the IMF coincide, which is “agreeable.”

The IMF emphasizes that accumulation of reserves should be the NBG’s priority.

“Our vision also coincides here, and we really do our best to ensure that the National Bank has more reserves,” Turnava stated.

The IMF focuses on “surprisingly rapid economic growth despite observed domestic and geopolitical uncertainties” and hails the Georgian economy’s resiliency against economic shocks. It also prognosticates the economic growth up to 7.2 percent and praises Georgia for the reduction of foreign debt, poverty and unemployment in 2024.

The IMF praises the NBG’s management and independence, and emphasizes its progress in fulfilling recommendations, including filling the vacant seats in the NBG Council and appointing the NBG President.