Areas of further cooperation with the IMF and the World Bank agreed

15/04/2019

Delegation of Montenegro led by the Minister of Finance, Mr Darko Radunović and the Governor of the Central Bank of Montenegro, Mr Radoje Žugić finished participation at the Spring Meetings of the International Monetary Fund and the World Bank. 

During the last day of this year's Spring Meetings, the delegation met with Deputy Executive Director of the International Monetary Fund, Mr Tao Zhang. The meeting confirmed the continuation of the implementation of measures important for further strengthening of fiscal stability in Montenegro. Mr Zhang welcomed measures to strengthen financial stability and pointed out that the introduction of bankruptcy in two banks in Montenegro is the proof that the supervision works well.

Representatives of the Montenegrin delegation held a meeting with the Deputy Director of the Fiscal Affairs Department at the International Monetary Fund, Mr Gerd Schwartz and expert teams from this Department that provide technical assistance to the Ministry of Finance and the Tax Administration of Montenegro. The meeting analysed in detail the effects of the current technical support of the IMF for tax policy reforms, with a focus on support to tax administration reform, support to strengthening administrative capacity to implement the legal framework for public-private partnership, and the effects of expert missions for tax policy analysis, tax burden of work and tax exemptions. Areas in which the technical support of the IMF needs to be continued were agreed, in which, as, for example, the public-private partnerships, it is necessary to look at the optimal model of technical assistance that will strengthen the administrative capacities of the Ministry of Finance.