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Europe > Montenegro

You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
Montenegro: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Montenegro
International Monetary Fund. European Dept.
The 2024 Article IV Consultation discusses that the Montenegrin economy grew robustly by 6 percent in 2023 as consumption remained strong, tourism revenues exceeded pre-pandemic levels, and the influx of relatively affluent Russian and Ukrainian nationals due to Russia’s war in Ukraine contributed to growth. Growth is expected to moderate to 3.7 percent in 2024 and ease further to about 3 percent over the medium term. While system-wide indicators of financial stability are healthy, the Central Bank Governor needs to remain vigilant regarding lingering pockets of vulnerability. In order to better inform policy judgements, trends in domestic advantage, as well as the banking sector’s growing exposure to foreign securities need to be closely monitored. Diversification both within and away from the tourism sector can help decrease the vulnerability of the economy to shocks. A more conducive environment for a small and medium enterprises sector would enable it to benefit from the presence of skilled migrants in the country.
Keywords:
production GDP estimate; EU integration; economic growth prospects; Policy discussion; CBM balance sheet; European Union initiative; Fiscal stance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; Global
Cover IMF Staff Country Reports
Albania: Selected Issues
International Monetary Fund
Inflation in Southeastern European (SEE) countries has been comparable with euro area inflation, partly owing to on the one hand, high initial price levels. On the other hand, the exchange rate regime is of paramount importance, including the inflation-targeting regime pursued in Albania. The analysis also explores additional heterogeneity between SEE and other regions. Two fiscal rules—a debt rule and an expenditure rule with a debt brake—are discussed in the context of Albania’s current economic outlook. Both rules will contribute toward enhancing fiscal sustainability in Albania.
Keywords:
ISCR; CR; expenditure rule; rule; debt rule; SEE region; price level index; SEE country; GDP projection; excl. Serbia; Inflation; Fiscal rules; Exchange rate arrangements; Eastern Europe; Middle East; North Africa; Central Asia; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of Montenegro: 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Republic of Montenegro
International Monetary Fund
This 2008 Article IV Consultation highlights that Montenegro has made significant progress in overhauling its economy. The authorities have taken several welcomed steps to help strengthen financial sector stability. Executive Directors have welcomed the structural reforms implemented over the past few years and financial integration that have helped Montenegro attract substantial foreign direct investment and generate rapid growth with moderate inflation. Directors have also supported the authorities’ actions to bolster financial system stability and reduce vulnerabilities by intensifying supervisory oversight, tightening prudential regulations, and lifting bank capitalization requirements.
Keywords:
ISCR; CR; FDI inflow; Montenegro; authority; deposit; credit growth; Montenegrin authorities; parent bank; response to the financial crisis; Commercial banks; Credit; Government finance statistics; Foreign direct investment; Global; Europe
Cover IMF Staff Country Reports
Republic of Montenegro: Selected Issues
International Monetary Fund
Euroization has served Montenegro well by anchoring inflation expectations, and shifted the burden of adjustment to fiscal and structural policies. The paper looks at trends and how developments in the tourism industry have contributed to the shaping of the economy. The lack of monetary and exchange rate policies in Montenegro puts a premium on a well-designed and appropriate fiscal policy. This paper has presented a dynamic analysis of the structure of the banking sector of Central and Eastern European countries.
Keywords:
ISCR; CR; Montenegro; tourism; fiscal policy; tourism sector; debt target; CEE country; tourism industry; tourism enclave; tourism activity; FDI inflow; competitor tourism country; Commercial banks; Fiscal stance; Current account deficits; Global; Western Europe; Eastern Europe; Baltics
Cover IMF Staff Country Reports
Republic of Montenegro: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Republic of Montenegro
International Monetary Fund
The economic expansion in Montenegro is proceeding at full strength. The economy is overheating. Rapid credit growth is overstretching banks, and has contributed to ballooning asset prices. Eroding competitiveness is a concern. Management of the boom falls on fiscal policy. Tax cuts have been procyclical and potentially destabilizing. Fiscal risks need to be contained. The main focus of credit policy should be to strengthen banking sector supervision. Completing the transition to a market economy should be kept at the top of the policy agenda.
Keywords:
ISCR; CR; foreign direct investment; authority; Montenegrin authorities; outturn; policy; credit growth; retail price inflation; staff appraisal; FDI inflow; Credit; Tourism; Public sector; Fiscal stance; Global; Baltics
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: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that macroeconomic imbalances in Serbia and Montenegro widened in 2004, putting at risk some of the impressive earlier achievements. Growth, about 5 percent in nonagriculture since 2002, has been fueled by a surge in domestic demand. Lack of competitive domestic production has led to increased imports and a widening current account deficit. The main policy challenge is to maintain macroeconomic stability while accelerating structural reform. Fiscal policy needs to be tightened substantially, and its flexibility increased by reducing the large share of nondiscretionary spending.
Keywords:
ISCR; CR; deficit; enterprise; government; privatization revenue; enterprise restructuring; revenue collection; envisaged policy package; authorities of Serbia and Montenegro; exchange rate depreciation; Current account deficits; Inflation; Global
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: 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