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Europe > Montenegro

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Cover IMF Staff Country Reports
Serbia and Montenegro: First Review Under the Extended Arrangement
International Monetary Fund
This paper assesses Serbia and Montenegro’s First Review Under the Extended Arrangement (EA). Serbia and Montenegro’s economic and policy performance has remained good under the current EA, but daunting challenges lie ahead. Macroeconomic policies need to be carefully calibrated to address potential risks to macroeconomic and financial instability, while the task of economic restructuring will be increasingly difficult. The IMF staff welcomes the authorities’ commitment to address delays in the adoption of reform legislation that led to nonobservance of some structural benchmarks and notes the need to avoid new slippages.
Keywords:
ISCR; CR; authorities of Serbia and Montenegro; enterprise privatization procedure; government; revenue effort; net indebtedness; policy implementation; Privatization; Currencies; Monetary base; Exchange rates; Europe
Cover IMF Staff Country Reports
Bulgaria: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Bulgaria during 1990–95. In 1993, GDP continued to contract, albeit more slowly than previously. Real GDP declined by 2.4 percent owing to a drought-induced collapse in agricultural output. As consumption-driven imports rose and exports fell, the lower real GDP in 1993 was accompanied by a large current account deficit. The adoption of restrictive fiscal and incomes policies in 1994 enabled Bulgaria to retain the gains in external competitiveness acquired from the nominal depreciation.
Keywords:
ISCR; CR; U.S. dollar; exchange rate; broad money; real GDP