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International Monetary Fund. European Dept.
This paper discusses the first phase, to be constructed from 2015 to mid-2019, comprises a 41-kilometer section that is to provide an efficient and safe transport link between Podgorica and the poorest northern region in Montenegro. It runs through the mountainous terrain in the center of the country that is economically undeveloped. Due to its large cost (25 percent of 2017 GDP), the first phase of the highway has used up most of Montenegro’s fiscal space and will crowd out other productive spending. For the foreseeable future, the second and third parts of the highway could only be financed with concessional funds, because loans would destabilize the debt sustainability of Montenegro. The government’s main motivation for this large project is the need to improve connectivity, particularly to Europe through Serbia, boost tourism and trade, improve road safety, and strengthen national security. The highway is a part of Montenegro’s plans to integrate the Montenegrin transport network with those of neighboring countries.
International Monetary Fund. European Dept.

The economy of Bosnia and Herzegovina, which is strongly connected to Europe through trade and financial channels, continues to pay a high price for the tough conditions in the area. The paper discuss that, following low demand in its trading partners, exports slumped in 2012 by 7.5 percent, dragging the economy to an export-led recession that resulted in a contraction of economic activity by 0.7 percent. The share of government spending in GDP fell by almost a percentage point, offsetting completely the automatic stabilizers.

International Monetary Fund. European Dept.
The economy of Bosnia and Herzegovina, which is strongly connected to Europe through trade and financial channels, continues to pay a high price for the tough conditions in the area. The paper discuss that, following low demand in its trading partners, exports slumped in 2012 by 7.5 percent, dragging the economy to an export-led recession that resulted in a contraction of economic activity by 0.7 percent. The share of government spending in GDP fell by almost a percentage point, offsetting completely the automatic stabilizers.
International Monetary Fund. European Dept.

Bosnia and Herzegovina’s (Bah) economy started to lose steam in early 2012 as growth slowed in Europe. Intensification of the euro area crisis further affected Bin's growth outlook. However, measures such as limiting the expenditure at the central government level and targeting overall general government spending by 1 percentage point of GDP in 2013 aim to improve the economy. Comprehensive reforms of rights-based benefits are also identified, which are imperative for both medium-term fiscal sustainability and improving the functioning of labor markets.

International Monetary Fund. European Dept.
Bosnia and Herzegovina’s (Bah) economy started to lose steam in early 2012 as growth slowed in Europe. Intensification of the euro area crisis further affected Bin's growth outlook. However, measures such as limiting the expenditure at the central government level and targeting overall general government spending by 1 percentage point of GDP in 2013 aim to improve the economy. Comprehensive reforms of rights-based benefits are also identified, which are imperative for both medium-term fiscal sustainability and improving the functioning of labor markets.
International Monetary Fund
Since its independence in 2006, Montenegro has experienced an economic and financial roller coaster ride. The baseline is predicated on continued improvements in cost competitiveness and productivity-raising foreign direct investment (FDI). Avoiding a relapse into recession will thus require strengthening the health of the banking system and removing impediments to restructuring the economy. Montenegro’s attractiveness to investors will depend on reducing macroeconomic and structural vulnerabilities. The business environment needs to be further improved. Redressing solvency issues and improving liquidity were jointly seen as priority tasks.
International Monetary Fund

Threats to external stability in the pre-crisis period have now been reduced substantially and foreign non-debt creating flows have declined, sufficient to support external stability. The global economic downturn has raised challenges for evaluating the countries’ fiscal stance and fiscal policy focus should be lowering support to debt sustainability, private sector development, and the currency board stability. The two entity pension funds have been under increasing financial pressures. Putting the public pension systems on a sound footing will encompass a number of complementary steps.

International Monetary Fund
Threats to external stability in the pre-crisis period have now been reduced substantially and foreign non-debt creating flows have declined, sufficient to support external stability. The global economic downturn has raised challenges for evaluating the countries’ fiscal stance and fiscal policy focus should be lowering support to debt sustainability, private sector development, and the currency board stability. The two entity pension funds have been under increasing financial pressures. Putting the public pension systems on a sound footing will encompass a number of complementary steps.
International Monetary Fund
The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is a need to consider improvements in its liquidity framework. The main factors that shaped the economic growth model in Moldova in the last decade and the risks of the current growth model are outlined. Public policies can promote growth by identifying and addressing the most binding constraints to development.
International Monetary Fund
This Selected Issues and Statistical Appendix paper examines the scope for improving the effectiveness of fiscal policy of Serbia and Montenegro in containing the persistently large external imbalance. The paper discusses the causes of the current problems and presents preliminary results of the projected finances of the Fund for Employees (FE). It suggests options for reducing the cost of pension outlays, and provides preliminary estimates of the impact of the authorities’ recent reform package on the FE finances. The paper also provides a description of the main parameters of the Serbian pension system.