Second Day in Washington: Strengthening Strategic Cooperation with the IMF
17/10/2025
On the second day of their participation at the Annual World Bank and IMF Meetings in Washington, the delegation of Montenegro, led by the CBCG Governor Irena Radović and Finance Minister Novica Vuković, held meetings with senior representatives of the IMF.
The discussion with the IMF Deputy Managing Director, Bo Li, reaffirmed the excellent cooperation between Montenegro and the IMF and the open and constructive dialogue, which is of particular importance for smaller member countries such as Montenegro.
Governor Radović expressed her gratitude to the IMF for its continuous support and numerous technical assistance programmes that contribute to strengthening the CBCG’s institutional and supervisory capacities. In this context, she highlighted recent projects implemented with IMF support, including the development of the CBCG Communication Strategy, the Central Bank Independence Index, balance sheet resilience testing, and the Transparency Code Review. The meeting also addressed opportunities to expand support to the area of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and the development and automation of a new macroeconomic model for Montenegro.
IMF Deputy Managing Director Bo Li highlighted that the findings of the most recent Article IV Mission confirm the stability and resilience of the banking sector and the effectiveness of measures implemented by the CBCG to preserve financial stability.
Minister Vuković stated that “the results show that our economic policies are effective and focused on long-term development.” He emphasised that Montenegro’s economy continues to strengthen, living standards are rising, unemployment is at a record low, and the country’s path towards the European Union is firmly established. He pointed to sectoral indicators for this year, which clearly confirm economic stability and sustainable growth, particularly in tourism, air transport, construction and trade. The Minister highlighted that foreign direct investment has reached 536.6 million euros, with an annual increase of almost 7%, clearly demonstrating investor confidence in Montenegro’s economy. He concluded that the trust coming from the highest international levels confirms that Montenegro is firmly on its path towards a modern, strong and European economy.
Later in the day, the Montenegrin delegation met with Jeroen Clicq, the Executive Director of the Belgian–Dutch IMF Constituency, and his Deputy, Marnix van Rij.
Governor Radović expressed her gratitude for the excellent cooperation and continuous support of the IMF Constituency, which contributes significantly to Montenegro’s progress and the CBCG’s efforts to implement reforms aimed at European integration and strengthening institutional independence. During the meeting, they highlighted the strategic importance of the partnership with the central banks of the Netherlands (DNB) and Belgium (NBB), who are the Constituency leaders. These institutions provide strong support to CBCG in its institutional strengthening and preparations for membership in the ESCB. In this regard, they underlined importance of the Needs Assessment project, coordinated by DNB and NBB. By identifying priority development areas, the project will enable further modernisation of CBCG and its alignment with Eurosystem practices.
Minister Vuković expressed his appreciation for the technical support that will significantly contribute to improving Montenegro’s capacity for early identification and continuous monitoring of fiscal risks, thereby further strengthening overall macroeconomic stability. He stressed that in the coming period, special attention will be devoted to economic diversification, noting that visible progress in the energy sector, which is one of the key drivers of sustainable growth.
He also informed his counterparts about the issuance of government bonds intended for citizens, and about planned activities related to governance reform in state-owned enterprises, aimed at increasing their efficiency, transparency and accountability.
Director Clicq emphasised that the CBCG and the Ministry of Finance are making historic strides, delivering an ambitious agenda at an accelerated pace.
Central Bank of Montenegro
Ministry of Finance of Montenegro