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Europe > Montenegro

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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 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 IMF Survey
Bulletin du FMI vol. 36, n° 13, novembre 2007
International Monetary Fund. External Relations Dept.
Plaidoyer pour un FMI plus robuste ; Perspectives de l'économie mondiale ; Strauss-Kahn prend la tête du FMI ; communiqué du CMFI ; mondialisation ; cycle économique mondial ; flux de capitaux ; séminaires lors de l'assemblée annuelle ; perspectives économiques asiatiques ; perspectives économiques africaines ; point sur l'actualité.
Keywords:
SV; IMF publication service; economy; market; IMF study