Abstract
Since its independence in 2006, Montenegro has experienced an economic and financial roller coaster ride. The baseline is predicated on continued improvements in cost competitiveness and productivity-raising foreign direct investment (FDI). Avoiding a relapse into recession will thus require strengthening the health of the banking system and removing impediments to restructuring the economy. Montenegro’s attractiveness to investors will depend on reducing macroeconomic and structural vulnerabilities. The business environment needs to be further improved. Redressing solvency issues and improving liquidity were jointly seen as priority tasks.
Annex I. Fund Relations1
(As of March 31, 2011)
I. Membership Status: Joined: 01/18/07; Article VIII
II. General Resources Account:
| SDR Million | % Quota | |
|---|---|---|
| Quota | 27.50 | 100.00 |
| Fund Holdings of Currency | 20.90 | 76.00 |
| Reserve position in Fund | 6.60 | 24.00 |
| SDR Million | % Quota | |
|---|---|---|
| Quota | 27.50 | 100.00 |
| Fund Holdings of Currency | 20.90 | 76.00 |
| Reserve position in Fund | 6.60 | 24.00 |
III. SDR Department:
| SDR Million | % Allocation | |
|---|---|---|
| Net cumulative allocation | 25.82 | 100.00 |
| Holdings | 26.17 | 101.34 |
| SDR Million | % Allocation | |
|---|---|---|
| Net cumulative allocation | 25.82 | 100.00 |
| Holdings | 26.17 | 101.34 |
IV. Outstanding Purchases and Loans: None
V. Financial Arrangements: None
VI. Exchange Rate Arrangement: Montenegro does not issue its own currency, has been using the euro as legal tender since 2002, and has accepted the obligations under Article VIII.
Montenegro maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions, except with respect to pre-1992 blocked foreign currency savings accounts and restrictions maintained for security purposes that have not been notified to the Fund.
VII. Article IV Consultation: Montenegro is on a 12-month cycle.
VIII. FSAP Participation and ROSCs: A Financial Sector Assessment Program, initiated in July 2006 jointly with the World Bank, was concluded during the 2007 Article IV consultation.
IX. Technical Assistance:
| MFD/FAD | July 2005 | Management of Proceeds of Privatization and Review of PFM (Montenegro) |
| FAD | April 2006 | Assessment of state-owned enterprises under the World Bank Public Expenditure Review |
| STA | June 2006 | Monetary and financial statistics |
| FAD | January 2007 | Peripatetic advisor on debt management |
| FAD | March 2007 | Fiscal risk assessment of Private Public Partnership |
| FAD | April 2007 | Tax administration |
| STA | April 2007 | Real sector statistics |
| MCM | October 2007 | Emergency liquidity management |
| MCM | March 2008 | Enforcement of securities regulation |
| MCM | January 2009 | Crisis preparedness and management |
| LEG/MCM | February 2009 | Exchange system |
| STA | Aug. 2009–July 2010 | Resident advisor for real sector statistics |
| LEG | April 2010 | Bank Resolution Framework |
| FAD | June 2010 | Debt management |
| STA | Dec. 2010 | Real sector statistics |
| FAD | February 2011 | Tax policy |
| FAD | March 2011 | Tax administration |
| FAD | March 2011 | Medium-term budget framework |
| MFD/FAD | July 2005 | Management of Proceeds of Privatization and Review of PFM (Montenegro) |
| FAD | April 2006 | Assessment of state-owned enterprises under the World Bank Public Expenditure Review |
| STA | June 2006 | Monetary and financial statistics |
| FAD | January 2007 | Peripatetic advisor on debt management |
| FAD | March 2007 | Fiscal risk assessment of Private Public Partnership |
| FAD | April 2007 | Tax administration |
| STA | April 2007 | Real sector statistics |
| MCM | October 2007 | Emergency liquidity management |
| MCM | March 2008 | Enforcement of securities regulation |
| MCM | January 2009 | Crisis preparedness and management |
| LEG/MCM | February 2009 | Exchange system |
| STA | Aug. 2009–July 2010 | Resident advisor for real sector statistics |
| LEG | April 2010 | Bank Resolution Framework |
| FAD | June 2010 | Debt management |
| STA | Dec. 2010 | Real sector statistics |
| FAD | February 2011 | Tax policy |
| FAD | March 2011 | Tax administration |
| FAD | March 2011 | Medium-term budget framework |
X. Resident Representative: None.
Annex II: Statistical Issues
(As of end-March, 2011)
| A. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Shortcomings are most serious in national accounts and balance of payments. | |
| National Accounts: The Statistical Office of Montenegro (MONSTAT) compiles real sector data. MONSTAT has started to adopt the 1993 System of National Accounts as a framework for compiling national accounts estimates. However, the scope of the accounts is limited to compiling the annual production account in current and in previous year prices. The accuracy of the data sources needs to be improved and breaks in the time series eliminated by revising historic data. Business statistics are still following the material system product concepts, collecting data mainly on quantities produced. The national accounts estimates depend solely on bookkeeping data. The coverage of the informal sector is not exhaustive. On the expenditure side, there are no data on changes in inventories and the quality of investment and merchandise trade data is unsatisfactory. MONSTAT switched from general to specific trade statistics in an effort to better capture imports; however, there are indications that exports might be seriously under-recorded, resulting in a corresponding under-estimation of GDP. National accounts data are also undermined by the lack of sound techniques to account for nonobserved activities. Some work has been done on measuring informal activity in construction, retail trade, hotels and restaurants, but a more comprehensive approach needs to be developed. Statistical techniques for deriving volume measures of GDP are constrained by the lack of suitable price and volume indices. The business register is being expanded and a general census is scheduled for 2011. Preparations are advancing for the compilation of quarterly national accounts. An STA mission visited Podgorica in December 2010 to assist the MONSTAT in the compilation of QNA. The mission concluded there is still a critical need to: (i) improve the accuracy and reliability of the quarterly indicators to be used in compiling QNA; and (ii) compile volume measures of quarterly GDP at previous year’s prices. More TA will be needed to achieve compilation of QNA. |
|
| Price statistics: MONSTAT compiles and disseminates monthly consumer and producer price indices, which broadly follow international standards. However, in both indices, the “carry-forward” technique for treatment of seasonal goods, new goods, and missing items are used, resulting in downward bias. New consumer price indices, monitoring more items and with a broader geographic coverage, started to be compiled in 2010 and the EU harmonized consumer price indices are scheduled to be released in 2011. | |
| Labor market statistics: The quality of the labor and wage indicators is relatively good but there is little information on foreign employment; frequent methodological revisions impair time series analyses. | |
| Government finance statistics: Fiscal data are compiled by the Ministry of Finance (MOF) based on a new GFS institutional classification, and since early 2006, include data for the social security funds and local governments. The chart of accounts introduced in 2001 has been implemented at the local level from mid-2005. Fiscal data reporting suffers from frequent re-classifications, especially at all levels of local government and social funds. The MOF has established a unit responsible for data collection for state-owned enterprises (SOE), but a satisfactory compilation of the public sector fiscal balance requires significant further effort. Data on enterprises owned by municipalities are rarely available. Data on the stock of local government arrears need to be strengthened. | |
| Monetary statistics: Monetary and financial statistics are compiled by the Central Bank of Montenegro (CBM), broadly following the institutional coverage, classification, and valuation methodology set forth in the Monetary and Financial Statistics Manual (2000). Dissemination practices meet the recommendations of the General Data Dissemination System (GDDS) with respect to the periodicity and timeliness for financial sector data. Beginning in early 2006, the CBM publishes detailed monetary statistics in its monthly Statistical Bulletin, which includes tables on monetary statistics, balance sheets and surveys for the CBM and the commercial banks. | |
| Balance of payments: Balance of payments statistics are compiled by the CBM following international reporting standards. The external sector statistics have benefited from improvements undertaken by MONSTAT to improve coverage, valuation, and classification of merchandise trade statistics. Merchandise trade debits (imports) are valued at CIF, rather than FOB prices. Data on imports and exports in the BOP are based on the general trade system. There is evidence that general trade imports are seriously under recorded, prompting MONSTAT to switch from general to special trade statistics in the national accounts. There are also indications that exports are underestimated, an issue MONSTAT is currently investigating. In the meantime, there is an inconsistency between balance of payments statistics, which are based on general trade data, and national accounts, which are based on special trade data. The CBM has not developed acceptable methodology to estimate the value of insurance and freight on imports, which should be deducted from the CIF value. Weaknesses remain, due primarily to the paucity of source data and the shortage of staff to undertake the data collection and compilation processes. The CBM has made progress in improving the recording of transactions in the ITRS by refining the transactions coding system and increasing interaction with the commercial banks; however, the ITRS remains inadequate for recording a broad range of balance of payments transactions such as reinvested earnings and trade credits. Further, the ITRS records transactions on a cash basis, whereas balance of payments transactions should be recorded on an accruals basis. The CBM still needs to undertake a small number of direct surveys of enterprises to supplement the data received through the ITRS, and prepare comprehensive documentation on compilation methods and data sources. Montenegro does not yet compile International Investment Position statistics. |
|
| B. Data Standards and Quality | |
| Montenegro does not participate in the GDDS. | No data ROSC is available. |
| C. Reporting to STA | |
| A page for Montenegro in International Financial Statistics (IFS) was introduced in the March 2007 issue. Montenegro does not report government finance statistics for publication in the Government Finance Statistics Yearbook or IFS. Montenegro does not report data for the IMF’s Coordinated Portfolio Investment Survey and the Coordinated Direct Investment Survey, respectively. The CBM does not yet report monetary data in the format of Standardized Report Forms (SRFs). To avoid duplication of effort, the CBM will need to decide whether to adopt the European Central Bank’s framework for collecting, compiling and reporting monetary data or the STA-developed SRFs, either of which will provide monetary data that accord with international standards. |
|
| A. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has serious shortcomings that significantly hamper surveillance. Shortcomings are most serious in national accounts and balance of payments. | |
| National Accounts: The Statistical Office of Montenegro (MONSTAT) compiles real sector data. MONSTAT has started to adopt the 1993 System of National Accounts as a framework for compiling national accounts estimates. However, the scope of the accounts is limited to compiling the annual production account in current and in previous year prices. The accuracy of the data sources needs to be improved and breaks in the time series eliminated by revising historic data. Business statistics are still following the material system product concepts, collecting data mainly on quantities produced. The national accounts estimates depend solely on bookkeeping data. The coverage of the informal sector is not exhaustive. On the expenditure side, there are no data on changes in inventories and the quality of investment and merchandise trade data is unsatisfactory. MONSTAT switched from general to specific trade statistics in an effort to better capture imports; however, there are indications that exports might be seriously under-recorded, resulting in a corresponding under-estimation of GDP. National accounts data are also undermined by the lack of sound techniques to account for nonobserved activities. Some work has been done on measuring informal activity in construction, retail trade, hotels and restaurants, but a more comprehensive approach needs to be developed. Statistical techniques for deriving volume measures of GDP are constrained by the lack of suitable price and volume indices. The business register is being expanded and a general census is scheduled for 2011. Preparations are advancing for the compilation of quarterly national accounts. An STA mission visited Podgorica in December 2010 to assist the MONSTAT in the compilation of QNA. The mission concluded there is still a critical need to: (i) improve the accuracy and reliability of the quarterly indicators to be used in compiling QNA; and (ii) compile volume measures of quarterly GDP at previous year’s prices. More TA will be needed to achieve compilation of QNA. |
|
| Price statistics: MONSTAT compiles and disseminates monthly consumer and producer price indices, which broadly follow international standards. However, in both indices, the “carry-forward” technique for treatment of seasonal goods, new goods, and missing items are used, resulting in downward bias. New consumer price indices, monitoring more items and with a broader geographic coverage, started to be compiled in 2010 and the EU harmonized consumer price indices are scheduled to be released in 2011. | |
| Labor market statistics: The quality of the labor and wage indicators is relatively good but there is little information on foreign employment; frequent methodological revisions impair time series analyses. | |
| Government finance statistics: Fiscal data are compiled by the Ministry of Finance (MOF) based on a new GFS institutional classification, and since early 2006, include data for the social security funds and local governments. The chart of accounts introduced in 2001 has been implemented at the local level from mid-2005. Fiscal data reporting suffers from frequent re-classifications, especially at all levels of local government and social funds. The MOF has established a unit responsible for data collection for state-owned enterprises (SOE), but a satisfactory compilation of the public sector fiscal balance requires significant further effort. Data on enterprises owned by municipalities are rarely available. Data on the stock of local government arrears need to be strengthened. | |
| Monetary statistics: Monetary and financial statistics are compiled by the Central Bank of Montenegro (CBM), broadly following the institutional coverage, classification, and valuation methodology set forth in the Monetary and Financial Statistics Manual (2000). Dissemination practices meet the recommendations of the General Data Dissemination System (GDDS) with respect to the periodicity and timeliness for financial sector data. Beginning in early 2006, the CBM publishes detailed monetary statistics in its monthly Statistical Bulletin, which includes tables on monetary statistics, balance sheets and surveys for the CBM and the commercial banks. | |
| Balance of payments: Balance of payments statistics are compiled by the CBM following international reporting standards. The external sector statistics have benefited from improvements undertaken by MONSTAT to improve coverage, valuation, and classification of merchandise trade statistics. Merchandise trade debits (imports) are valued at CIF, rather than FOB prices. Data on imports and exports in the BOP are based on the general trade system. There is evidence that general trade imports are seriously under recorded, prompting MONSTAT to switch from general to special trade statistics in the national accounts. There are also indications that exports are underestimated, an issue MONSTAT is currently investigating. In the meantime, there is an inconsistency between balance of payments statistics, which are based on general trade data, and national accounts, which are based on special trade data. The CBM has not developed acceptable methodology to estimate the value of insurance and freight on imports, which should be deducted from the CIF value. Weaknesses remain, due primarily to the paucity of source data and the shortage of staff to undertake the data collection and compilation processes. The CBM has made progress in improving the recording of transactions in the ITRS by refining the transactions coding system and increasing interaction with the commercial banks; however, the ITRS remains inadequate for recording a broad range of balance of payments transactions such as reinvested earnings and trade credits. Further, the ITRS records transactions on a cash basis, whereas balance of payments transactions should be recorded on an accruals basis. The CBM still needs to undertake a small number of direct surveys of enterprises to supplement the data received through the ITRS, and prepare comprehensive documentation on compilation methods and data sources. Montenegro does not yet compile International Investment Position statistics. |
|
| B. Data Standards and Quality | |
| Montenegro does not participate in the GDDS. | No data ROSC is available. |
| C. Reporting to STA | |
| A page for Montenegro in International Financial Statistics (IFS) was introduced in the March 2007 issue. Montenegro does not report government finance statistics for publication in the Government Finance Statistics Yearbook or IFS. Montenegro does not report data for the IMF’s Coordinated Portfolio Investment Survey and the Coordinated Direct Investment Survey, respectively. The CBM does not yet report monetary data in the format of Standardized Report Forms (SRFs). To avoid duplication of effort, the CBM will need to decide whether to adopt the European Central Bank’s framework for collecting, compiling and reporting monetary data or the STA-developed SRFs, either of which will provide monetary data that accord with international standards. |
|
Montenegro: Table of Common Indicators Required for Surveillance
(As of end-March, 2011)
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic non-bank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. General government reporting is incomplete; local government expenditure data are available only after a six-month lag.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Semi-annually (SA), Annually (A), Irregular (I); or Not Available (NA).
Montenegro: Table of Common Indicators Required for Surveillance
(As of end-March, 2011)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting1 | Frequency of Publication | |
|---|---|---|---|---|---|
| International reserve assets and reserve liabilities of the monetary authorities1 | Mar. 2011 | Apr. 2011 | M | M | M |
| Reserve/base money | … | … | NA | NA | NA |
| Central bank balance sheet | Feb. 2011 | Mar. 2011 | M | M | M |
| Consolidated balance sheet of the banking system | Feb. 2011 | Mar. 2011 | M | M | M |
| Interest rates 2 | Feb. 2011 | Mar. 2011 | M | M | M |
| Consumer price index | Dec. 2010 | Feb. 2011 | M | M | M |
| Revenue, expenditure, balance and composition of financing3 – general government4 | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing3 – central government | Dec. 2010 | Feb. 2011 | M | M | M |
| Stocks of central government and central government-guaranteed debt 5 | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| External current account balance | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| Exports and imports of goods | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| GDP/GNP | 2009 | Nov. 2010 | A | I | A |
| Gross external debt | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| International Investment Position6 | … | … | NA | NA | NA |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic non-bank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. General government reporting is incomplete; local government expenditure data are available only after a six-month lag.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Semi-annually (SA), Annually (A), Irregular (I); or Not Available (NA).
Montenegro: Table of Common Indicators Required for Surveillance
(As of end-March, 2011)
| Date of Latest Observation | Date Received | Frequency of Data7 | Frequency of Reporting1 | Frequency of Publication | |
|---|---|---|---|---|---|
| International reserve assets and reserve liabilities of the monetary authorities1 | Mar. 2011 | Apr. 2011 | M | M | M |
| Reserve/base money | … | … | NA | NA | NA |
| Central bank balance sheet | Feb. 2011 | Mar. 2011 | M | M | M |
| Consolidated balance sheet of the banking system | Feb. 2011 | Mar. 2011 | M | M | M |
| Interest rates 2 | Feb. 2011 | Mar. 2011 | M | M | M |
| Consumer price index | Dec. 2010 | Feb. 2011 | M | M | M |
| Revenue, expenditure, balance and composition of financing3 – general government4 | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing3 – central government | Dec. 2010 | Feb. 2011 | M | M | M |
| Stocks of central government and central government-guaranteed debt 5 | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| External current account balance | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| Exports and imports of goods | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| GDP/GNP | 2009 | Nov. 2010 | A | I | A |
| Gross external debt | Dec. 2010 | Feb. 2011 | Q | Q | Q |
| International Investment Position6 | … | … | NA | NA | NA |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic non-bank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments. General government reporting is incomplete; local government expenditure data are available only after a six-month lag.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Semi-annually (SA), Annually (A), Irregular (I); or Not Available (NA).
Annex III: Relations with the World Bank Group
Montenegro has joined World Bank Group (WBG) as an independent country in January 2007. The Bank had implemented a discrete program of lending and analytical work for Montenegro for most of the period since the State Union of Serbia and Montenegro had joined the WBG in 2001, with three projects still being active at the onset of Montenegro’s first Country Partnership Strategy (CPS) for the fiscal years 2007–10. Within this framework, the Board approved two IDA credits (US$19 million)—just prior to graduation—and five IBRD loans (US$54 million) to provide selective support to three key country priorities, viz., (i) enhancing sustainable macroeconomic growth; (ii) building institutions and strengthening the rule of law; and (iii) improving the standard of living for citizens. The committed portfolio has grown from US$34 million in 2007 to US$81 million in 2011. About 70 percent of these commitments remain to be disbursed. Investment operations are focused principally on supporting programs in the sustainable development and human development sectors.
Montenegro: World Bank Project Portfolio, March 31, 2011
Montenegro: World Bank Project Portfolio, March 31, 2011
| Project name | Board date | Original commitment | Disbursement ratio | |
|---|---|---|---|---|
| (US$ millions) | (percent) | |||
| Active project portfolio | ||||
| Environment (solid waste management) | Nov. 2003 | 12.5 | 24.3 | |
| Health system improvement | Jun. 2004 | 14.2 | 56.8 | |
| SEE energy community (APL3) | Jul. 2007 | 9.0 | 65.6 | |
| Energy efficiency | Dec. 2008 | 9.4 | 24.7 | |
| Land administration | Dec. 2008 | 16.2 | 9.9 | |
| Agriculture and institutional development | Apr. 2009 | 19.7 | 18.7 | |
Montenegro: World Bank Project Portfolio, March 31, 2011
| Project name | Board date | Original commitment | Disbursement ratio | |
|---|---|---|---|---|
| (US$ millions) | (percent) | |||
| Active project portfolio | ||||
| Environment (solid waste management) | Nov. 2003 | 12.5 | 24.3 | |
| Health system improvement | Jun. 2004 | 14.2 | 56.8 | |
| SEE energy community (APL3) | Jul. 2007 | 9.0 | 65.6 | |
| Energy efficiency | Dec. 2008 | 9.4 | 24.7 | |
| Land administration | Dec. 2008 | 16.2 | 9.9 | |
| Agriculture and institutional development | Apr. 2009 | 19.7 | 18.7 | |
In January 2011, the Board approved the US$ 216-million CPS for FY2011–14. This CPS supports the government’s overarching objective of full integration with the EU within a medium-term horizon. The strategy—reflecting Montenegro’s status as an upper middle income client with well-defined development priorities—aims at (i) strengthening institutions and competitiveness in line with EU accession requirements; and (ii) improving environmental management, including reducing the costs of environmental problems. The government has requested the Bank to focus its support in areas where it had previously been engaged and/or gained applicable regional or global experience. The centerpiece of the Bank’s engagement will be two financial-sector development policy loans (about US$105 million), which will support a program to strengthen the banking sector, bring regulations into line with EU norms, and encourage resumption of (healthy) credit growth. New investment lending is planned for a Higher Education/R&D project, a small investment to facilitate Montenegrin participation in a Regional Catastrophe Risk Insurance Facility, and an Industrial Waste Management and Clean-Up Project.
Cooperation with the IMF has been strong, particularly the areas of macroeconomic and financial sector policies. Bank and Fund teams have closely coordinated comments on a set of (organic) financial sector laws enacted by Parliament in mid-2010. The WBG, through its ongoing and planned operations, as well its complementary economic and sector work, will continue to provide input on issues such as (i) public expenditure, including pension and health reforms; (ii) business climate and competitiveness; (iii) public sector institutions and fiduciary review, and (iv) agricultural assessment; and (v) statistical capacity building and poverty monitoring. The Fund and Bank have sought each other’s input in internal review processes.
Montenegro: JMAP Bank and Fund Planned Activities in Macro-critical Structural Reform Areas, July 2010–May 2011
Montenegro: JMAP Bank and Fund Planned Activities in Macro-critical Structural Reform Areas, July 2010–May 2011
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV mission Technical assistance on financial sector legislation Resident advisor for real sector statistics. |
February 2011 Summer-Fall 2010 Aug. 2009–July 2010 |
April 2011 |
| 2. Bank work program | Banking sector stability DPL Public Expenditure and Institutional Review |
May 2011 | July 2011 June 2011 |
| 3. Joint work program | Technical assistance on drafting banking legislation | Summer-Fall 2010 |
Montenegro: JMAP Bank and Fund Planned Activities in Macro-critical Structural Reform Areas, July 2010–May 2011
| Title | Products | Provisional Timing of Missions | Expected Delivery Date |
|---|---|---|---|
| 1. Fund work program | Article IV mission Technical assistance on financial sector legislation Resident advisor for real sector statistics. |
February 2011 Summer-Fall 2010 Aug. 2009–July 2010 |
April 2011 |
| 2. Bank work program | Banking sector stability DPL Public Expenditure and Institutional Review |
May 2011 | July 2011 June 2011 |
| 3. Joint work program | Technical assistance on drafting banking legislation | Summer-Fall 2010 |
Updated information relating to members’ positions in the Fund can be found on the IMF web site (http://www.imf.org/external/np/fin/tad/exfin1.aspx).