Governor Žugić and Minister Radunović Hold Meetings in Washington


19/10/2019

The delegation of Montenegro, led by the Governor of the Central Bank of Montenegro, Mr. Radoje Žugić, and the Minister of Finance, Mr. Darko Radunović, continued annual meetings with the representatives of the International Monetary Fund.


At a meeting with Mr. Thao Zhang, the Deputy Managing Director of the IMF, Governor Žugić presented the banking system’s condition, emphasizing that the resolving of the vulnerabilities from the previous period had strengthened financial stability, and that most banking indicators were at the highest level ever. He also informed Mr. Zhang that the adoption of a new set of legislation governing the banking system is expected soon, as well as the adoption of new implementing legislation governing the money laundering prevention, noting that that this part of the Central Bank of Montenegro’s responsibility has improved significantly.


Minister Radunović pointed out the continued trends of strong economic growth and unemployment reduction, which, inter alia, contributed to the budget revenues growth. He stated that, at the same time, measures have been taken to implement the public debt management strategy that recorded success with the last issue of Eurobonds, as well as measures to reduce budget deficit, projected to be below 3% of GDP this year.


Mr. Zhang pointed out that reforms in the banking system are taking place in the right direction and that in the coming period the emphasis should be on the implementation of new regulations. He also noted that continued structural reforms and investment in human resources and infrastructure are of great importance for further economic growth and for ensuring fiscal sustainability.


The delegation also met with Executive Director of the IMF Belgian-Dutch Constituency, Mr. Anthony Delannoy, to whom the delegation presented the results in the fiscal and financial sectors. Mr. Delannoy expressed his satisfaction with the continued positive trends in Montenegro.


The delegation also held meetings with representatives of the Fiscal, Monetary and Capital Markets Department and Statistics Department to discuss technical assistance projects to the Ministry of Finance and the Central Bank of Montenegro, important in the process of further implementation of structural reforms in the country.