Meeting with the IMF Mission held
31/05/2017
The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, with his associates met with the International Monetary Fund (IMF) Mission today, headed by Mr Martin Petri, Mission Chief to Montenegro, who is visiting our country as a part of regular member country consultations, according to Article IV of the IMF Articles of Association. The meeting today was also a final one with the IMF expert team dealing with monetary and capital market, staying in Montenegro for the past few days and providing technical assistance to the Ministry of Finance in creating public debt management policy.
To that effect, the requirement to produce the Strategy for public debt management was discussed at the meeting, which will contribute to improvement of the public debt structure and the additional stabilization of public finances. The Ministry of Finance, with full support of the IMF expert team will coordinate this process, while the CBCG will give its contribution in implementing activities under its competence.
The Governor Žugić presented to the IMF representatives the latest innovation in the banking sector, proving a continuous improvement in the financial system of Montenegro while giving an incentive to economic growth and development. He mentioned that the CBCG will principally focus on promoting higher level of standardization, improving banking practice and complying local with the European regulation in the upcoming period.
The IMF Mission Chief, Mr Petri underlined he encourages developments in Montenegro, primarily when it comes to the defined and announced fiscal consolidation measures. He also brought up that the banking sector was characterized by favourable parameters, supporting the announced CBCG measures aimed at further decreasing the level of non-performing loans, introducing the International Financial Reporting Standard (IFRS 9) in 2018 and strengthening regulatory framework.
The IMF delegation will be staying in Montenegro until 7 June 2017 when the common press conference, organized by the IMF, Ministry of Finance and the CBCG will be held.