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Europe > Montenegro

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Cover Selected Issues Papers
Surviving Low Interest Rates Central Banks in Kosovo and Other Western Balkan Countries: Republic of Kosovo
Mr. Si Guo
Interest income from foreign reserves is one of the main revenue sources for most emerging market central banks. For central banks in the Western Balkan region, the low global interest rates during 2008–2021 negatively affected their revenues, and the impact was more pronounced for central banks in Kosovo, Montenegro, and Bosnia and Herzegovina because they cannot use seigniorage to finance their operations. This paper explores how these central banks coped with the long period of low-interest rates. The main finding is that the decline in interest income from foreign reserves was partially compensated by higher fees, commissions, and other regulatory revenues.
Keywords:
Central bank; Low interest rates; Kosovo; Montenegro; Bosinia; Herzegovina; interest income; central banks in Kosovo; emerging market central banks; rising interest rates; personnel cost-to-GDP ratio; Income; International reserves; Central bank rates; Government securities; Exchange rate arrangements; Global
Cover IMF Staff Country Reports
Republic of Kosovo: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on challenges and opportunities in Kosovo’s electricity sector. Energy market pressures in Europe are likely to continue throughout 2023. Higher energy prices represent a heavy blow for Kosovo’s current account. The tariff-setting framework is broadly sound, but the increase in European electricity prices has led to challenges. Higher European electricity prices have stressed the sector’s flows, creating liquidity choke points. Higher European electricity prices and lower domestic electricity supply may result is significant stress for Kosovo’s energy sector and budget. In the short term, more efficient use of electricity should reduce demand and contribute to balance the system in 2023. In the medium term, boosting energy efficiency and diversification away from lignite is priority. To that end, creating a fund for the renewal and expansion of domestic electricity generation capacity in green technologies could be explored. Starting to explore carbon pricing would strengthen price signals and result in more efficient demand and less carbon intensity.
Keywords:
tax revenue growth; policy implication; Electricity supply chain; central banks in Kosovo; electricity sector; Electricity; Income; Natural gas sector; Tax administration core functions; Europe; Global
Cover IMF Staff Country Reports
Montenegro: Selected Issues
International Monetary Fund. European Dept.

Selected Issues

Keywords:
ISCR; CR; bank; expenditure; minimum wage; fiscal policy; reservation wage; labor market mismatch; wage growth; Labor regulation; labor market outcome; Employment; Labor taxes; Income; Global
Cover IMF Working Papers
Being Poor, Feeling Poorer: Inequality, Poverty and Poverty Perceptions in the Western Balkans
Zsoka Koczan
Emerging Europe has undergone a major economic transformation over the past 25 years. Most countries experienced initial drops in output during transition, followed by recovery in the second half of the 1990s. The path of transition in the Western Balkans has however been particularly uneven. The effects of transition also seem to have been more traumatic and persistent in the Western Balkans, and nostalgia for the past appears to be more prevalent here than in other former communist regions. Such dissatisfaction has important implications for the political economy of further reforms. This paper aims to inform policy by complementing the analysis of standard macro-level measures of inequality and poverty with a household-level analysis of subjective perceptions of poverty. We find that many more people appear to feel poor than are classified as such using purely income-based measures. Uncertainty, in particular related to expectations of future income and vulnerability to shocks, appears to be a key driver behind this discrepancy.
Keywords:
WP; center; poverty perception; poverty measure; capital expenditure; household expenditure; Inequality; Poverty; Western Balkans; Subjective poverty measures; farm income; poverty indicator; poverty gap; poverty in the Western Balkans; Personal income; Income inequality; Poverty measurement; Central and Eastern Europe; Europe
Cover IMF Staff Country Reports
Montenegro: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. European Dept.
KEY ISSUES Context: Moderate growth is continuing; however credit and wage growth are weak. The level of nonperforming loans (NPLs) remains high and public debt has risen sharply in recent years. Fiscal policy: Medium-term funding needs to roll over existing debt and to fund budget deficits are large. A new highway, budgeted to cost about one quarter of GDP, will cause deficits to widen and add to public debt. The draft 2015 budget shows appropriate restraint on other spending, but a long period of strong fiscal discipline will be needed to manage fiscal risks. Laying out clear long-term plans for managing the public finances would boost credibility and reduce risks to market access. Fundamental expenditure reform, especially of the pension system and the public sector wage bill, would be an essential part of such plans. Financial sector: The banking system’s liquidity appears comfortable; however, profitability is low and lending spreads are high. Regulatory provisioning is set higher than that reported under international accounting standards, but a wide range of provisioning levels across banks and weak incentives to take losses remain concerns. A more transparent and comprehensive reporting environment would be beneficial. Reforms to ensure better enforcement of contracts and collateral would help bring down structural lending risk premia. Structural reform: Higher levels of labor participation and employment are needed to boost potential growth and safeguard the public finances. Ensuring that wages adjust in line with productivity alongside reforms to achieve better employment outcomes and boost productivity would enhance the economy’s ability to respond to macroeconomic shocks, and are even more important in a country that lacks its own currency and with decreasing fiscal buffers.
Keywords:
ISCR; CR; authority; growth potential; public-sector wage bill; growth; banking system health indicator; Montenegrin authority; credit condition; financial asset; Loans; Current account balance; Income; Personal income; Global; Eastern Europe
Cover IMF Staff Country Reports
Montenegro: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Montenegro
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.
Keywords:
ISCR; CR; staff recommendation; authority; staff; authorities of Montenegro; policy effort; swift response; fund team; Commercial banks; Income; Credit; Personal income; Government finance statistics; Global; Europe
Cover Summary Proceedings of the Sixty-First Annual Meeting of the Board of Governors, 2007
Summary Proceedings of the Sixty-First Annual Meeting of the Board of Governors, 2007
International Monetary Fund

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; Rodrigo de Rato; y Figaredo; country; economy; la Barra Munoz; executive directors; IMF surveillance; board of governors of the International Monetary Fund; subscription of the Republic of Montenegro; public goods; Climate change; Poverty reduction; Poverty reduction and development; Income; Global; Africa; Caribbean; Sub-Saharan Africa; West Africa
Cover IMF Survey
Boletin del FMI Vol.36, No.13 noviembre 2007
International Monetary Fund. External Relations Dept.
Solicitud de fortalecimiento del FMI, Perspectivas de crecimiento mundial, Strauss-Kahn asume como nuevo Director Gerente del FMI, Comunicado del CMFI, Globalización, Ciclo económico mundial, flujos de capital, Seminarios durante las Reuniones Anuales, Perspectivas de la economía asiática, Perspectivas de economía africana, Notas breves.
Keywords:
SV; IMF publication service; economy; market; IMF study
Cover IMF Survey
IMF Survey, Volume 36 Issue 13
International Monetary Fund. External Relations Dept.
Calls for stronger IMF, World Growth Outlook, Strauss-Kahn Takes Over as New IMF Head, IMFC Communique, Globalization, Global Business Cycle, Capital Flows, Annual Meetings Seminars, Asian Economic Outlook, African Economic Outlook, News Briefs.
Keywords:
SV; IMF publication service; economy; market; IMF study; IMF survey; trade globalization; FDI inflow; Emerging and frontier financial markets; Capital inflows; Climate change; Income inequality; Personal income; Global; Asia and Pacific; Sub-Saharan Africa; Africa
Cover Policy Papers
IMF Policy Paper: Quota and Voice Reform—Elements of a Possible Approach
International Monetary Fund

1. At the Executive Board discussion of quota and voice reform in July, which built upon two earlier informal seminars, Directors highlighted the need to make significant further progress in the coming months.2 This would enable the Executive Board to report concrete and substantial progress to the Board of Governors at the Annual Meetings. It was envisaged that the period leading up to the Annual Meetings would be used to begin to resolve the remaining areas of difference and focus on the main choices that need to be made. In that vein, staff and management were to consider how the views expressed and guidance provided by Directors so far could be built upon to identify more concretely the scope for specific proposals.

Keywords:
PP; IMF document; quota share; voting share; PPP GDP; share; shares of LIC; market rate GDP; PPP data; blend variable; Purchasing power parity; Emerging and frontier financial markets; Market exchange rates; Income; International banking; Global; Middle East; Western Hemisphere; Africa; Asia and Pacific