Montenegro remains strongly committed to implementing legislative solutions, as well as reforms, policies, and projects aimed at accelerating its convergence towards the average income and standard of EU citizens, stated Finance Minister Novica Vuković.
Speaking at a regional summit of finance ministers, governors, and tax administration directors, Vuković emphasized that as the smallest economy in the Western Balkans yet one of the most open with liberalized trade and investment flows, Montenegro is ready to strengthen regional cooperation. This is in order to enhance stability amidst uncertain global trends, tense geopolitical developments, and slowing economic flows in the regional and European context.
The theme of this year’s summit, traditionally held in Bečići and organized by the Association of Economists of Serbia under the institutional patronage of the Ministry of Finance, Central Bank and Tax Administration of Montenegro, focuses on Financial and Monetary Stability in the region amidst weak economic growth in the Eurozone.
During panel discussions on Responsible Fiscal Policy – a prerequisite for enhancing stability and economic resilience in conditions of weak growth in the Eurozone, Vuković assessed that despite unfavorable global economic trends, the Western Balkans region has shown exceptional resilience during the current crisis, maintaining macro-financial stability and achieving accelerated economic growth.
He highlighted that over the past two years, Montenegro’s economy has recorded remarkably robust growth, surpassing regional averages and ranking among the highest in Europe.
Vuković noted that the favorable macroeconomic environment in the past year resulted in strong budgetary performance significantly exceeding initial government plans and last year’s budget rebalance.
He affirmed that guided by the principle of preserving the sustainability of public finance systems, the government will undertake necessary reforms in tax and fiscal policies. This is to complement measures in public expenditure management and business environment improvement, thereby stimulating further economic growth.
Therefore, as he emphasized, the government is committed to drafting a Fiscal Strategy document containing key fiscal consolidation measures and revenue enhancement reforms in the medium term.
The two-day summit in Bečići, aimed at enhancing dialogue and cooperation among financial institutions in the region, included not only ministerial panels but also sessions with central bank governors and tax administration directors from regional countries.
