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In Montenegro, it is important to work on economic diversification

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In Montenegro, it is important to work on economic diversification in order to enable greater resilience of the state economy to external shocks, concluded the meeting between the team of the Ministry of Finance and the delegation of the International Monetary Fund (IMF).

As announced by the Ministry of Finance, today marked the final meeting of this government department with the IMF delegation, which has been on a working visit to Montenegro since January 29th.

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It is stated that during the IMF’s working visit, several meetings and technical consultations were held with representatives of the Ministry of Finance and other relevant institutions regarding current economic trends and forecasts for the upcoming period.

The Ministry of Finance stated that one of the main topics of the final meeting was the development of a medium-term fiscal strategy, along with guidelines on how this document should be structured from the perspective of the IMF, based on Montenegro’s current economic parameters.

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“At the meeting, it was concluded that it is important to focus on economic diversification in the future, which would enable greater resilience to external shocks for small economies like Montenegro,” the statement said.

It is further emphasized that, for the prosperity of the domestic economy, it is important to increase investments aimed at the northern region to enable more balanced economic growth across the country.

Minister of Finance Novica Vuković stated that special attention will be given to the drafting of laws defining the financing of local self-governments.

He assessed that public administration reform will provide a more orderly system and adequate grading of all positions.

Vuković stated that new legislative solutions will be adopted transparently, strengthening social dialogue and involving all interested parties, integrating their suggestions.

Srikant Seshadri, who led the IMF delegation, emphasized the importance of these reforms and their direct impact on Montenegro’s overall economic situation.

Seshadri, as stated in the press release, thanked the representatives of the Ministry of Finance for their effective cooperation, adding that the IMF remains committed to providing technical support in various areas and strengthening the continuously good partnership.

As announced by the Ministry of Finance, at the end of the regular consultations, the IMF delegation will prepare a report evaluating the current fiscal, monetary, and overall economic situation in Montenegro.

It is added that a visit by IMF representatives is planned for March regarding the tax policy reform.

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