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Europe > Montenegro

You are looking at 1 - 7 of 7 items for :

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Cover IMF Staff Country Reports
Republic of Serbia: Staff Report for the 2010 Article IV Consultation, Third Review Under the Stand-By Arrangement, and Financing Assurances Review
International Monetary Fund
This 2010 Article IV Consultation highlights that the authorities’ adjustment program has contributed to limiting the fallout of the global crisis on Serbia. Although the output slump has been limited relative to regional peers, the decline in domestic demand has been significant, resulting in a strong external adjustment. The outlook for 2010 points to a slow but balanced recovery. The pickup in growth will likely be moderate, reflecting slow trading-partner recovery, protracted corporate deleveraging, nominal freezes in public wages and pensions, and lagging labor market adjustment.
Keywords:
ISCR; CR; policy; tolerance band; policy action; adjustment strategy; regime; inflation expectation; consumer cash loan; growth potential; Pension spending; Fiscal stance; Balance of payments statistics; Global
Cover IMF Staff Country Reports
Republic of Serbia: Staff Report for the 2006 Article IV Consultation and Post–Program Monitoring Discussions
International Monetary Fund
Failed corporate structures lie at the heart of Serbia’s economic difficulties. But the government emphasized instead the need for public investment and labor tax cuts. Capital inflows pose additional challenges. External concerns leave little room to fiscal maneuver. This puts the focus on public expenditure reform. Recent changes in monetary arrangements are appropriate. These steps would best be taken further—toward inflation targeting. However, the envisaged fiscal relaxation calls much of this into question. Serbia has made significant progress in recent years.
Keywords:
ISCR; CR; GDP; current account; disinflation; deficit; inflation expectation; banking privatization; fund staff projection; privatization agency; Inflation; Current account balance; Fiscal stance; Global
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
Federal Republic of Yugoslavia: 2002 Article IV Consultation, Third Review Under the Stand-By Arrangement, and Request for an Extended Arrangement—Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Federal Republic of Yugoslavia
International Monetary Fund
This paper assesses the Federal Republic of Yugoslavia’s (FRY) 2002 Article IV Consultation, Third Review Under the Stand-By Arrangement (SBA), and a Request for an Extended Arrangement. Despite the impressive achievements since late 2000, when FRY succeeded to membership in the IMF, the challenges facing the authorities remain daunting. The FRY authorities’ medium-term program of stabilization sets a good basis for achieving sustainable growth and a viable external position, and deserves the continued support of the IMF through completion of the third review under the current SBA and approval of the proposed extended arrangement.
Keywords:
ISCR; CR; Yugoslavia; overstaffed enterprise sector; staff; state; bank reform; authorities of the Federal Republic of Yugoslavia; Montenegrin authorities; FRY authorities; exchange system of the Federal Republic of Yugoslavia; Commercial banks; Debt service; Exchange rates; Global
Cover IMF Staff Country Reports
Federal Republic of Yugoslavia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix for the Federal Republic of Yugoslavia outlines the progress made in the fiscal area since late 2000, focusing on the overall fiscal adjustment (developments in revenue and expenditure) and reforms of the tax system and social spending. The paper also presents an overview of financial sector reforms in Serbia and Montenegro, elaborates on the closure of the four largest state-owned banks in Serbia, and outlines progress in strengthening prudential supervision in both republics.
Keywords:
ISCR; CR; foreign currency; interest rate; sales tax; foreign exchange; exchange rate; tax collection; broad money; enterprise compensation; monetary policy; book value; balance sheets; banking sector; foreign direct investment; Privatization; Debt service; Eastern Europe; Europe; Global
Cover IMF Staff Country Reports
Federal Republic of Yugoslavia: First Review Under the Stand-By Arrangement and Request for a Waiver
International Monetary Fund
The government has implemented the IMF-supported program with impressive firmness and has moved quickly to adopt corrective measures as needed to ensure that it stays on track. Much has been accomplished in stabilization and structural reform within a short period. Achievement of the fiscal objectives will be challenging, in both Serbia and Montenegro. Continued progress in structural reform is important. The Federal Republic of Yugoslavia needs the continued support of donors and creditors. The World Bank is closely involved in the reconstruction efforts.
Keywords:
ISCR; CR; FRY authorities; stand-by credit; fry economy; Yugoslavia; SDR; executive board discussion; inflation pressure; Currencies; Commercial banks
Cover IMF Staff Country Reports
Federal Republic of Yugoslavia: Request for a Stand-By Arrangement
International Monetary Fund
The new government of the Federal Republic of Yugoslavia has formulated and started to implement an ambitious program of stabilization and reform with impressive speed and commitment. The program provides for macroeconomic policies designed to reduce inflation and support reconstruction coupled with bold reforms. The policy achievements so far have been impressive. Prudent policies alone cannot ensure progress toward sustainable growth and external viability. The program sets the basis for the country in achieving sustainable output growth and a viable external position.
Keywords:
ISCR; CR; FRY authorities; Yugoslavia; stand-by credit; financial asset; agreement; FRY economy; executive board discussion; tariff schedule; Commercial banks; Arrears; Debt service