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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.

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.
International Monetary Fund
This paper discusses the First Progress Report on the implementation of the Poverty Reduction Strategy (PRS) in Serbia. The Poverty Reduction Strategy Paper (PRSP) for Serbia and its implementation complement the efforts of Serbia in the European Union integration process. The PRSP also includes a focus on the need to reform the public administration with the goal of increasing the efficiency and transparency of policy coordination and governance in implementing the programmatic documents of the Republic of Serbia as well as in improving the way of governing the overall and public sector policies.
International Monetary Fund
This paper focuses on Serbia and Montenegro’s Poverty Reduction Strategy Paper (PRSP). Through the process of developing the Poverty Reduction Strategy, national indicators in line with the Millennium Development Goals have been identified. The poverty reduction strategy for the Union focuses on establishing conditions for dynamic and equitable economic growth, through the creation of a stable macroeconomic environment and favorable investment climate to create employment, reduce economic vulnerability, and establish key programs to directly promote employment among the poor.
International Monetary Fund
Poverty risk is most marked for children, displaced persons and returnees, unemployed, and people with low education. Basic goals of the macroeconomic framework of the mid-term development strategy of Bosnia and Herzegovina are to reduce the overall public expenditures, lower the public debt, and to bring the current account deficit to a sustainable level through fiscal consolidation. The strategy is to attract more foreign investment, create conditions for a more efficient privatization process, and to ensure new cycles of donor assistance.