Montenegrin delegation attends World Bank and International Monetary Fund meeting in Marrakech

12/10/2023

During the first day of the 2023 annual meetings of the World Bank (WB) and the International Monetary Fund (IMF) in Marrakech, the delegation of Montenegro, led by Minister of Finance Aleksandar Damjanović and the CBCG Governor Radoje Žugić, held meetings with WB's Chief Executive Officer Koen Davidse and Vice President of the Europe and Central Asia Region Antonella Bassani.

The discussions focused on the state of public finances in Montenegro, which was assessed as stable, and forecasts for the upcoming period.

It was noted that key macroeconomic indicators were at a commendable level, and Montenegro should continue its policy of full fiscal consolidation. Moreover, discussiuons focused on the implementing WB-funded projects in Montenegro, their progress, and strategies to expedite their completion. Minister Damjanović highlighted that, as a result of strategic, responsible, and rational management of public finances, a high degree of sustainability has been achieved in the current year. The state autonomously financed most of its ongoing obligations throughout the year, accompanied by record budget revenues, laying a solid foundation for future policies that will ensure the long-term stability of the public finance system.

Governor Žugić thanked the World Bank representatives for their excellent cooperation, particularly for their support in modernising and enhancing the payment systems cybersecurity, which will bring Montenegro closer to EU standards and meet the requirements for integration into the SEPA system, thus facilitating the access to SEPA.

Discussions with WB representatives also highlighted the importance of effective management of climate risks, becoming increasingly relevant for the banking sector. World Bank representatives encouraged all countries to support the transition to a green economy, offering opportunities for faster economic recovery and the creation of new jobs.