Minister Radunović and Governor Žugić in Washington: Meetings with the IMF and the World Bank Officials
21/04/2018
On the first day of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, held in Washington, the Montenegrin delegation, comprised of the Minister of Finance, Darko Radunović, the CBCG Governor, Radoje Žugić, the CBCG Vice-Governor for Financial Stability and Payment System, Nikola Fabris and State Secretary in the Ministry of Finance, Nina Vujošević, met with World Bank Vice President for Europe and Central Asia, Ciryl Muller, World Bank Regional Director for Western Balkans, Linda van Gelder, Deputy Managing Director of the IMF, Tao Zhang, as well as with the Executive Director of the Dutch Constituency of the World Bank, Frank Heemskerk.
Excellent cooperation between the Government and the CBCG with the IMF and the World Bank Group was highlighted at all meetings. Representatives of the IMF and the World Bank welcomed the achieved results of Montenegro in the process of fiscal consolidation, as well as in the part of improving the financial system, in particular the success in the most favourable Eurobonds issue. It was emphasized that, in the circumstances of difficult and unpopular fiscal adjustment measures, as well as the demanding activities to improve the financial system, Montenegro achieved an impressive growth of 4.4% of GDP in the past year. Excellent trends in this year were also accentuated, both in the real economy and in the part of strengthening fiscal stability. Also, the financial system recorded positive trends in the first two months of this year.
Members of our delegation stressed that the support of the IMF and the World Bank had enormous significance for strengthening fiscal sustainability, financial and macroeconomic stability, especially highlighting the World Bank's (PBG) guarantee, based on which the State will refinance part of the public debt, improve its maturity and reduce funding costs.
The cooperation between the Government and the Central Bank with these institutions will continue this year, due to the need for further improvement and strengthening of sustainability, the implementation of international standards and good practices, as well as the continuation of reforms in the fiscal consolidation process.
The possibilities of technical assistance in the areas of monetary and fiscal policy, in accordance with the priorities established by the Government and the Central Bank were also discussed at the meetings.