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Europe > Montenegro

You are looking at 1 - 4 of 4 items for :

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Cover IMF Staff Country Reports
Serbia and Montenegro: Sixth Review Under the Extended Arrangement, Financing Assurances Review, Request for Waivers of Nonobservance of Performance Criteria, and Proposed Post-Program Monitoring—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Serbia and Montenegro
International Monetary Fund
This paper discusses Serbia and Montenegro’s Sixth Review Under the Extended Arrangement, Financing Assurances Review, Request for Waivers of Nonobservance of Performance Criteria, and Proposed Post-Program Monitoring. Program implementation since the fifth review has been mixed, delaying the conclusion of the sixth and final review. Growth in 2005 reflected strong net exports, with an increasing contribution of domestic demand after mid-year. The slow structural transformation of the economy remains a major constraint on potential growth and stabilization.
Keywords:
ISCR; CR; current account; current account deficit; Yugoslavia; inflation; authorities of Serbia and Montenegro; authority; deficit; demand management policy; fiscal policy; foreign exchange; Current account deficits; Europe
Cover IMF Staff Country Reports
Serbia and Montenegro: Fourth Review Under the Extended Arrangement (EA), Financing Assurances Review, Request for Waivers, and Modification of an end-December 2004 Performance Criterion
International Monetary Fund
The Fourth Review Under the Extended Arrangement, Financing Assurances Review, and Request for Waiver of Performance Criteria for Serbia and Montenegro are discussed. The agreed tighter fiscal, monetary, and incomes policies should cool off wage and credit growth, which are driving the demand for imports. The bold resumption of structural reforms should over time help increase exports, which remain exceptionally low in reference to GDP. The fragile political situation could affect the ability of the reformist minority government to press ahead with bold reforms.
Keywords:
ISCR; CR; prefix; lending; fiscal policy; credit growth; staff appraisal; consumer lending; expenditure side; widening current account deficit; Privatization; Wages; Eastern Europe; Global
Cover IMF Staff Country Reports
Serbia and Montenegro: Third Review Under the Extended Arrangement and Requests for Waiver of a Performance Criterion and Rephasing of Purchases
International Monetary Fund
This paper examines Serbia and Montenegro’s Third Review Under the Extended Arrangement and Requests for Waiver of Performance Criterion. Serbia and Montenegro’s recent economic performance has been mixed, combining excellent progress in some areas with an uncomfortably large current account deficit and modest growth in output and exports from low levels. The envisaged tightening of fiscal policy is broadly appropriate—albeit overly reliant on revenue measures. Achieving the fiscal deficit target will help narrow the current account deficit and place the fiscal and external accounts on sustainable paths.
Keywords:
ISCR; CR; policy; inflation objective; authority; SDR; macroeconomic policy; authorities of Serbia and Montenegro; privatization revenue; executive board discussion; government in Serbia; Privatization; Commercial banks; Monetary base; Global
Cover IMF Staff Country Reports
Serbia and Montenegro: Second Review Under the Extended Arrangement and Requests for Waiver and Modification of Performance Criteria, and for Extension of Repurchase Expectations
International Monetary Fund
Economic performance in 2002 was generally favorable with good policy implementation, but considerable risks remain. Structural reforms have fallen behind program expectations, but the delays are being addressed. The discussions highlighted the need for prudent policies and strengthening of structural reforms. The structural reforms will focus on tax administration and expenditure management, banking supervision and resolution, and privatization. Monetary and exchange rate policies in Serbia should continue to balance the inflation and external objectives. Serbia and Montenegro's performance under the Extended Arrangement has remained good.
Keywords:
ISCR; CR; indirect tax regime; authority; NBS purchase; creditor support; SDR; authorities of Serbia and Montenegro; union state; NBS-Finance Ministry Committee; Commercial banks; Currencies; Monetary base