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Tuesday, May 28, 2024
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Advancing Montenegro’s economic agenda: Strengthening policies and partnerships for growth

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The Montenegrin government’s primary focus lies in enhancing economic policies to uplift the living standards of its citizens, alongside fostering dynamic infrastructure development and implementing a broad spectrum of reform measures and laws, as stated by Finance Minister Novica Vuković.

A delegation from Montenegro, headed by Vuković and Central Bank Governor Irena Radović, is currently participating in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington.

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During these meetings, the Montenegrin delegation engaged with senior World Bank officials, including Antonella Bassani, Vice President for Europe and Central Asia, Eugene Rhuggenaath, Executive Director, and Christopher Sheldon, Head of the Office for Montenegro and Bosnia and Herzegovina.

Vuković expressed satisfaction with the forthcoming signing of the Partnership Framework Agreement between Montenegro and the World Bank, which outlines key development projects for Montenegro.

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Radović highlighted the resilience of Montenegro’s banking sector, attributing it to positive trends across crucial indicators such as improved capitalization and decreased non-performing loans.

Radović also thanked the World Bank for its ongoing support in implementing the Western Balkans Modernization of Payment Systems project, aimed at facilitating Montenegro’s integration into the Single Euro Payments Area (SEPA).

Bassani affirmed the World Bank’s commitment to supporting Montenegro in this endeavor. Both parties agreed that future collaboration should focus on initiatives to green the financial sector and manage climate change.

In discussions with Akihiko Nishio, Vice President for Development Finance and IDA Resources, Montenegro’s membership and donor status in the International Development Association (IDA) were lauded. The country made its initial installment of a three-part donation to IDA, and plans were made to appoint a permanent representative to strengthen the partnership.

Furthermore, the Montenegrin delegation attended the Belgian-Dutch Constituency meeting, which emphasized the need for concerted efforts to address global economic challenges such as inflation, high debt levels, inequality, geopolitical tensions, and climate change. It was underscored that decisive implementation of structural reforms and increased investment in digital infrastructure, research, and development are essential for long-term growth and productivity.

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