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Monday, April 22, 2024
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Montenegro, What was discussed at Spring Meetings in Washington?

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The stability of public finances, the growth of tax revenues and the reduction of public debt create good foundations for the successful implementation of numerous initiated projects with the World Bank (WB), including the DPL arrangement that should provide support to Montenegro in the coming period.

In continuation of the Spring Meetings in Washington, the delegation of Montenegro, led by the Minister of Finance Aleksandar Damjanović and the Governor of the Central Bank (CBCG) Radoj Žugić, met with high-ranking officials of the World Bank – Executive Director Cohen Davidse and Vice President for Europe and Central Asia, Antoanella Bassani.

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It was jointly assessed that the agreed preconditions of the arrangement, which are under the jurisdiction of the Ministry of Finance, were mostly fulfilled, which is also expected from other institutions that are included in the arrangement.

In the joint statement of the Ministry of Finance and the Central Bank of Montenegro, it is stated that at the meeting it was assessed that the cooperation between the SB and Montenegro was very successful.

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“With the support of the SB, numerous projects are being implemented with the aim of improving the Montenegrin infrastructure, that is, strengthening the economic and financial performance of the state,” it was added in the statement.

Emphasizing that the CBCG has no obligations regarding the DPL arrangement, Žugić thanked the representatives of the SB for the support provided by this institution to the CBCG, especially in the area of ​​modernization of payment transactions.

Further cooperation on the application of international standards and best practices in the field of banking supervision and rehabilitation was announced.

“The health and stability of the banking system was confirmed through the evaluations of important international institutions, as well as through the assessment of the quality of bank assets, which was carried out according to high international standards,” announced Žugić.

Financial stability is the result of positive trends in the banking sector – adequate capitalization of banks, intensive lending activities aimed at economic growth, and continuous growth and improvement of asset quality, with a reduction in non-performing loans.

“The only negative trend refers to the slight increase in interest rates, which is a consequence of high inflation and the growth of Euribor,” concluded Žugić.

 

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