This is the 251st most frequent Icelandic word.
núverandi
Current; present.
Here, 'núverandi' is an adjective describing the noun 'ástand', expressing something that is existing or happening currently.
Ég er ánægður með núverandi ástand.
I am happy with the current situation.
'Núverandi' modifies 'forseti', indicating the person currently holding the title of president.
Núverandi forseti mun halda ræðu á morgun.
The current president will give a speech tomorrow.
In this context, 'núverandi' describes 'stjórnar', referring to the administration presently in office.