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Europe > Montenegro

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Cover IMF Staff Country Reports
Republic of Montenegro: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Republic of Montenegro
International Monetary Fund
The economic expansion in Montenegro is proceeding at full strength. The economy is overheating. Rapid credit growth is overstretching banks, and has contributed to ballooning asset prices. Eroding competitiveness is a concern. Management of the boom falls on fiscal policy. Tax cuts have been procyclical and potentially destabilizing. Fiscal risks need to be contained. The main focus of credit policy should be to strengthen banking sector supervision. Completing the transition to a market economy should be kept at the top of the policy agenda.
Keywords:
ISCR; CR; foreign direct investment; authority; Montenegrin authorities; outturn; policy; credit growth; retail price inflation; staff appraisal; FDI inflow; Credit; Tourism; Public sector; Fiscal stance; Global; Baltics
Cover IMF Staff Country Reports
Statement by Fritz Zurbrügg, Executive Director for Serbia and Montengro and Surblojub Antic, Advisor to Executive Director
International Monetary Fund

Economic performance in 2002 was generally favorable with good policy implementation, but considerable risks remain. Structural reforms have fallen behind program expectations, but the delays are being addressed. The discussions highlighted the need for prudent policies and strengthening of structural reforms. The structural reforms will focus on tax administration and expenditure management, banking supervision and resolution, and privatization. Monetary and exchange rate policies in Serbia should continue to balance the inflation and external objectives. Serbia and Montenegro's performance under the Extended Arrangement has remained good.

Keywords:
ISCR; CR; indirect tax regime; authority; NBS purchase; creditor support; SDR; timely policy action; government deposit; deposits from bank; attitude of the authorities; Treasury Single Account