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Europe > Montenegro

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Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. European Dept.

IMF Country Report No. 24/101

Keywords:
policy judgement; credit growth; IMF's transparency policy; debt net; tourism revenue; Fiscal stance
Cover IMF Staff Country Reports
Montenegro: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that the Montenegrin economy grew robustly by 6 percent in 2023 as consumption remained strong, tourism revenues exceeded pre-pandemic levels, and the influx of relatively affluent Russian and Ukrainian nationals due to Russia’s war in Ukraine contributed to growth. Growth is expected to moderate to 3.7 percent in 2024 and ease further to about 3 percent over the medium term. While system-wide indicators of financial stability are healthy, the Central Bank Governor needs to remain vigilant regarding lingering pockets of vulnerability. In order to better inform policy judgements, trends in domestic advantage, as well as the banking sector’s growing exposure to foreign securities need to be closely monitored. Diversification both within and away from the tourism sector can help decrease the vulnerability of the economy to shocks. A more conducive environment for a small and medium enterprises sector would enable it to benefit from the presence of skilled migrants in the country.
Keywords:
production GDP estimate; EU integration; economic growth prospects; Policy discussion; CBM balance sheet; European Union initiative; Fiscal stance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; Global
Cover IMF Staff Country Reports
Statement by Mr. Luc Dresse, Alternate Executive Director for Montenegro and Mr. Liviu Voinea, Senior Advisor to the Executive Director February 18, 2022
International Monetary Fund. European Dept.

On behalf of the Montenegrin authorities, we would like to thank Mr. Seshadri and his team for their in-depth report and constructive engagement, including the in-person consultations in Podgorica last November. We would like to offer the following comments.

Keywords:
staffs projection; staffs assessment; Asset quality review; Capital adequacy requirements; Europe
Cover IMF Staff Country Reports
Montenegro: Request for Purchase under the Rapid Financing Instrument; Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
The COVID-19 pandemic will hit Montenegro hard, as tourism is a key industry. Fiscal space has eroded in recent years due to large public capital outlays, and the COVID-19 crisis is creating new budgetary strains as health spending and other expenditures rise, while the economic contraction lowers revenues.
Keywords:
ISCR; CR; financing; emergency financing request; IMF lending tracker; assistance; liquidity withdrawal requirement rate; financing gap; Executive Board discussion; Fiscal stance; Capital spending; Tourism; Global; COVID-19; Financial sector
Cover IMF Staff Country Reports
Montenegro: Request for Purchase Under the Rapid Financing Instrument—Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.

Request for Purchase under the Rapid Financing Instrument; Press Release; Staff Report; and Statement by the Executive Director for Montenegro

Keywords:
ISCR; CR; financing; emergency financing request; IMF lending tracker; assistance; liquidity withdrawal requirement rate; financing gap; Executive Board discussion; Fiscal stance; Capital spending; Tourism; Global; financing needs; bank financing; market support; Gen. govt debt
Cover IMF Staff Country Reports
IMF Executive Board Concludes 2019 Article IV Consultation with Montenegro
International Monetary Fund. European Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

Keywords:
ISCR; CR; authority; debt; CBM balance sheet; development goal; MONSTAT; Montenegro; infrastructure investment; management framework; highway investment vis-à-vis; Montenegro authorities; priority spending
Cover IMF Staff Country Reports
Montenegro: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
This 2019 Article IV Consultation with Montenegro highlights that while the implementation of large publicly financed infrastructure projects has added economic growth, the accompanying use of fiscal resources has contributed to a large increase in government debt including guarantees, which reached 79 percent of gross domestic product in 2018. Despite the recent intervention in two non-systemic domestic banks, the overall banking sector exhibits improving asset quality, strong credit growth, high liquidity, and is well capitalized. Efforts to improve banking and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) supervision are paramount. The emphasis should be a shift to risk-based tools for supervision in both off-site and on-site functions, and the establishment of a stronger supervisory structure within the central bank. The main priorities are reduction of the labor tax wedge and implementation of the new labor law that aims to increase labor market flexibility. Future decisions on the minimum wage should consider a broad set of indicators and require careful analyses of the impact of past increases.
Keywords:
ISCR; CR; authority; debt; CBM balance sheet; development goal; MONSTAT; Montenegro; Montenegrin authorities; banking sector supervision; liability positions vis-à-vis nonresident; authorities' effort; MONSTAT report; Fiscal stance; Fiscal consolidation; Capital spending; Global; Europe
Cover IMF Staff Country Reports
Montenegro: 2019 Article IV Consultation—Press Release, Staff Report, and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

Keywords:
ISCR; CR; authority; debt; CBM balance sheet; development goal; MONSTAT; Montenegro; minimum wage; IMF staff calculation; feasibility study; wage freeze; labor force; Fiscal stance; Fiscal consolidation; Global; rate of return
Cover IMF Staff Country Reports
Statement by Mr. Richard Doornbosch, Alternate Executive Director for Montenegro and Mr. Miroslav Josic, Advisor to the Executive Director September 6, 2019
International Monetary Fund. European Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro

Keywords:
ISCR; CR; authority; debt; CBM balance sheet; development goal; MONSTAT; Montenegro; Invest bank Montenegro; coverage ratio; staff's recommendation; EU grant funding; PPP project; Nonperforming loans; Fiscal consolidation
Cover IMF Staff Country Reports
IMF Executive Board Concludes 2018 Article IV Consultation with Montenegro
International Monetary Fund. European Dept.

2018 Article IV Consultation-Press Release and Staff Report

Keywords:
ISCR; CR; government; Montenegro; debt; GDP; surplus; standard cost; Montenegro's economy; government finances; Fiscal consolidation; Fiscal stance; Labor markets