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05/06/2016

The CBCG Governor, Mr Milojica Dakić and the Vice-Governor Mr Nikola Fabris attended the Dutch constituency session of the IMF and the World Bank in Kiev, Ukraine. The main topic of the meeting was how to accelerate economic growth of the Constituency countries. Mr David Lipton, IMF First Deputy Director emphasized that the global economic growth is still disappointing. According to IMF estimation, a growth of 3.1% in 2015 is forecasted to be slightly higher in 2016 reaching 3.2%, while for the Dutch Constituency countries it would be 2.5%. He mentioned that deceleration of certain countries, such as Russia, China and Brazil was a concern, bringing up also the key factors to a faster development: political stability, adequate macroeconomic policies, quality institutions and new technology implementation.

The World Bank Vice-President for Europe and Central Asia, Mr Cyrill Muller mentioned the main global challenges: political stability, economic growth and climate changes. In order to meet these challenges in a proper way, it is necessary to adjust fiscal expenditures, carry out financial system reforms and provide price stability and exchange rates flexibility. It is also needed to improve infrastructure, educational systems as well as to create competitive economies in mid-term. Also, it is necessary to tangle with climate changes and the aging issue in the upcoming longer terms. Montenegrin delegation had meetings with a number of the IMF and the World Bank high representatives. Economic situation in Montenegro was discussed at the meeting with Mr Cyril Muller, World-Bank Vice-President for Europe and Central Asia. It is mutually agreed that the key factors lie in the fiscal sphere. Mr Muller emphasized the World Bank readiness to provide assistance to Montenegro both in the fiscal consolidation process and technical assistance in other areas. The Governor, Mr Milojica Dakić, invited Mr Cyril Muller, World-Bank Vice-President for Europe and Central Asia to visit Montenegro, which he accepted with pleasure.

Mr Menno Snel, IMF Executive Director for the Belgian-Dutch Constituency discussed the challenges for the upcoming period. Mr Snel introduced the future director of the Belgian-Dutch Constituency, Mr Anthonny de Lannoy to the Montenegrin delegation.

Possibilities for providing technical assistance to Montenegro by the Dutch Ministry of Finance were discussed with Ms Angelique Van Haasteren, Technical Assistance Director from the Ministry of Finance of the Netherlands. It was agreed that the Ministry of Finance representatives would visit Montenegro and continue the discussions on particular programmes.