Building Resilience through Strong Institutions in a Time of Global Uncertainty
19/06/2026
CBCG Governor Irena Radović participated in the Annual Meeting of the Constituency of the International Monetary Fund (IMF) and the World Bank, held in Varna from 18 to 20 June and organised by the Ministry of Finance of the Republic of Bulgaria and the Bulgarian National Bank.
This year’s meeting, held under the theme Turning Uncertainty into Long-Term Opportunity, brought together governors, ministers of finance and senior representatives from the 16 member countries of the Constituency to exchange views on global economic challenges, strengthening resilience and the role of international financial institutions in supporting sustainable development.
In her capacity as rapporteur, Governor Radović summarised the recommendations adopted at this year’s IMF and World Bank Constituency Meeting. During her remarks, she noted that, over recent years, the Constituency member countries had faced a series of interconnected crises, ranging from the pandemic, the energy crisis, inflationary pressures and supply chain disruptions to geopolitical tensions, the war in Ukraine and growing climate-related risks.
“The experience of recent years clearly demonstrates that resilience must become a central principle of economic policymaking. Macroeconomic stability remains the fundamental precondition for development, but today it increasingly depends on the institutions’ strength, the financial sector’s resilience and the system’s capacity to respond effectively to emerging risks,” Governor Radović stated.
In this context, she stressed the need for the IMF and the World Bank to further strengthen their support to member countries in the early identification of vulnerabilities, enhancing institutional preparedness and building the capacity to respond to future crises.
On the margins of the Constituency Meeting, Governor Radović met with IMF Managing Director Kristalina Georgieva. Their discussions focused on Montenegro’s progress towards European Union membership, further European financial integration, strengthening the resilience of the financial sector and the continuation of IMF support for the reform processes being implemented by the CBCG.
Governor Radović emphasised that Montenegro remains firmly committed to its strategic objective of European Union membership. Through regulatory alignment, strengthening institutional capacity and the adoption of European standards within its areas of competence, the CBCG continues to contribute actively to the country’s EU accession process. She highlighted Montenegro’s membership of the SEPA geographical area as one of the most significant tangible achievements of European financial integration, already delivering measurable benefits to citizens and businesses through faster, cheaper and more efficient payments. The Governor also announced the forthcoming launch of an instant payment system through the implementation of the TIPS Clone project.
The meeting also addressed the future of European financial integration, including the importance of stronger integration of financial markets and further strengthening of the Single European Market. Governor Radović stressed that it is particularly important for candidate countries to be involved in a timely manner in initiatives that support economic convergence with the European Union and prepare them for full participation in the European financial architecture.
Governor Radović expressed her appreciation to the IMF for its continuous expert and technical assistance to the CBCG, particularly in strengthening institutional capacity, enhancing the regulatory and supervisory framework, conducting stress testing and assessing the impact of AML/CFT risks on financial stability.
Governor Radović also met with Dimitar Radev, Governor of the Bulgarian National Bank. Their discussions focused on the CBCG’s European agenda, preparations for future membership of the European System of Central Banks and the Eurosystem, as well as opportunities for further strengthening cooperation between the two institutions. It was emphasised that Bulgaria’s experience, particularly in institutional preparedness, operational readiness, payment systems, banking supervision and coordination within the European central banking framework, represents valuable guidance for the CBCG during the next phase of the EU accession process.
Governor Radović thanked the Bulgarian National Bank for its continued support, particularly in the areas of banking supervision and financial stability, noting that the Bank’s experience could further contribute to translating the Central Bank of Montenegro’s European agenda into concrete institutional, operational and technical preparedness.
Participation in the Annual IMF and World Bank Constituency Meeting provided an opportunity for the CBCG to present the country’s experience in areas relevant to strengthening future economic resilience, while also contributing to the joint formulation of the Constituency’s priorities.