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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
Front Matter
International Monetary Fund. European Dept.

IMF Country Report No. 22/60

Keywords:
targeted policy response to the pandemic; authorities' targeted policy response; Policy discussion; central bank support; reform program Europe Now; Asset quality review; COVID-19; Labor taxes; Labor markets; Europe
Cover IMF Staff Country Reports
Montenegro: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
COVID-19 hit the economy hard, but a strong recovery is underway. Public debt, already elevated before the pandemic, has increased further. The government has embarked on a reform program ‘Europe Now’, which aims to arrest outward migration through a sharp minimum wage increase, labor tax wedge reduction, and the introduction of a progressive tax code. The financial sector appears to have withstood the COVID-19 shock well.
Keywords:
production GDP estimate; staff growth estimate; authorities' baseline scenario; Montenegrin authority; taxation regime; Government debt management; Labor taxes; Europe; Global
Cover IMF Staff Country Reports
Montenegro: 2021 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.

1. Montenegro is a unilaterally euroized economy aiming for EU accession by 2025. It boasts a strategic and scenic location along the Adriatic coast, with significant potential to diversify beyond tourism into renewable energy production, and other sectors. After gaining independence in 2006, it was soon buffeted by the global financial crisis. Recovery was aided by a tourism boom in the years preceding the onset of COVID-19. In 2016, work began on the ambitious Bar-Boljare highway project (the first of four envisaged phases is close to completion) which boosted short-term growth, at the cost of a sharp increase in public debt.

Keywords:
private sector; flat rate; net credit; net budgetary impact; GDP collapse
Cover IMF Staff Country Reports
Republic of Kosovo: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
International Monetary Fund. European Dept.
Kosovo has been hit hard by the COVID-19 pandemic. Despite policy support, economic activity is estimated to have fallen 6 percent in 2020 on account of the combined effect of strict domestic containment measures and international travel restrictions. The fiscal deficit increased to 7.7 percent of GDP, given the large fall in tax revenues and the implementation of mitigation and recovery measures of 4.2 percent of GDP. The current account deficit is estimated to have increased to 7.5 percent of GDP mainly due to a large decline in diaspora-related inflows, most notably in tourism. Gross international reserves declined but remain adequate in part due to the purchase under the IMF’s Rapid Financing Instrument (RFI) in April 2020 and the use of other external financing. Banks have weathered the recession well to date, and the high pre-COVID19 liquidity levels and ample capital buffers bode well for the system’s stability.
Keywords:
ISCR; CR; targeted cash support; Kosovar authorities; bank asset quality; Kosovo authorities; deficit rule
Cover Regional Economic Outlook, October 2020, Europe
Regional Economic Outlook, October 2020, Europe
Whatever It Takes: Europe’s Response to COVID-19
International Monetary Fund. European Dept.

Abstract

The COVID-19 pandemic has caused dramatic loss of human life and major damage to the European economy, but thanks to an exceptionally strong policy response, potentially devastating outcomes have been avoided.

Keywords:
lockdowns; pandemic; corporate liquidity; recovery; reopening; economic outlook; forecasting; REO; policy support; infection curve; job retention program; Europe transform; financial market disruption; pandemic economy; solvency risks in Europe; time trend; reopening indices; infection incidence; reinfection risk; infection rate; credit access; containment policy; COVID-19; Liquidity; Solvency; Infrastructure; Europe; Global
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
Statement by Mr. Anthony De Lannoy, Executive Director for Montenegro and Mr. Liviu Voinea, Senior Advisor to the June 24, 2020
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; RFI financing; audit crisis-mitigating expenditure; diminished financing capacity; Fiscal consolidation; Government debt management