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Monday, April 22, 2024
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The priority of the Ministry is fiscal consolidation

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The priority of the Ministry of Finance in the upcoming period will be fiscal consolidation, through reducing public debt, expanding the tax base, and strengthening tax discipline, in line with the practices of European Union member states.

Reflecting on the first 100 days at the helm of the Ministry of Finance, Minister Novica Vuković stated that one of the first and most important steps was adopting the budget for this year, which was crafted in a sustainable and responsible manner, considering the current circumstances, and which, alongside cost optimization, also has a developmental character.

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Vuković, in a meeting with the head of the sector in the Directorate-General for Economic and Financial Affairs of the European Commission, Uwe Stamm, announced that Montenegro, as the first EU accession candidate, intends to strengthen its own economic policy strategy, relying on modern tools typical of EU member states.

In this context, he mentioned that there is a strategic consideration of space for further revenue strengthening, primarily through combating the informal economy, the new excise duties introduced at the end of the previous year, enhancing revenues from gambling, as well as a more realistic assessment of needs in terms of social benefits.

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Stamm expressed satisfaction with the submission of the Economic Reform Program (ERP) and the shared understanding of priorities regarding economic dialogue with Montenegro.

He welcomed the government’s reform efforts, noting that they are moving in the right direction, emphasizing the need for further public finance consolidation and reducing the level of public debt, with a focus on achieving a positive primary balance over the period covered by the ERP.

Discussing macroeconomic and financial aspects, Stamm commended the government’s efforts to adopt a comprehensive fiscal strategy, which includes concrete fiscal reforms to support the consolidation process.

Regarding current challenges, Vuković emphasized strengthening the capacities of the Tax Administration (TA), which has faced several changes in management in a short period, adding that, in his current role as coordinator of that body, he will contribute to urgently addressing systemic difficulties and to a faster and more efficient implementation of the Tax Administration Reform Program (TARP), resulting in a significant improvement of the TA system.

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