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Monday, April 22, 2024
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World Bank Commits to Backing Reform Initiatives in Montenegro

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The new framework of the World Bank Group (WB) will support reform processes in Montenegro, focusing on increasing economic resilience, inclusive growth, and sustainable environmental protection. This was announced during a meeting between representatives of the institution and the Central Bank of Montenegro (CBCG).

During the meeting between CBCG Governor Irena Radović and the Head of the WB Office for Montenegro and Bosnia and Herzegovina, Christopher Sheldon, it was emphasized that, concerning the directions of Montenegro’s future economic development, efforts should be made to strengthen fiscal resilience and define a model for better management of natural resources to achieve more sustainable and inclusive growth.

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The meeting was organized as part of consultations on the Partnership Framework for Montenegro for the period from now until 2028. This framework represents a joint strategic document between the World Bank and the Government, outlining the priority areas to which the bank will direct assistance during the specified period.

The participants particularly emphasized the need to ensure simpler and faster access to finances for micro, small, and medium-sized enterprises in Montenegro.

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“In this direction, it is necessary to work on improving their financial literacy and, in parallel, simplifying administrative procedures, primarily through providing electronic access to databases of relevant institutions,” stated Radović.

The participants also assessed that green transition could be a response to numerous challenges faced by Montenegrin tourism, agriculture, and industry. They emphasized that achieving positive results in this direction requires a systematic approach and adequate support from the government to the private sector.

“The support for green investments must be at the forefront of our economic policy, and the CBCG will be fully dedicated to improving the environment for the implementation of climate projects,” said Radović.

She expressed gratitude to Sheldon for the continuous support that the World Bank provides to CBCG, especially for the technical assistance programs related to the modernization of payment systems and the enhancement of supervisory capacities of the supreme monetary institution.

During the meeting, a shared willingness to further enhance collaboration between CBCG and the World Bank was expressed, and further coordination at the operational level was agreed upon.

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