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18/04/2016

Delegation of the Central Bank of Montenegro led by the governor of Central Bank of Montenegro Milojica Dakić, participate in the spring session of the International Monetary Fund and the World Bank. During the session, the delegation met with senior representatives of the IMF and the World Bank: Min Zhu - Deputy Director of the IMF, Cyril Muller - World Bank Vice President for Europe and Central Asia, Ellen Goldstein - Director of the World Bank for Montenegro Tomasz Telma – the IFC Director for Europe, Vice President of the MIGA Karin Finkelston, Paul Thomsen - Director of the IMF for Europe, as well as other senior officials.

Possibilities for providing technical assistance to Montenegro in the area of payment system oversight were discussed at a meeting with Min Zhu, as well as creating a framework for the implementation of macro-prudential policy and standards for the implementation of Basel III. Both sides expressed satisfaction with the completion of the FSAP program and noted that its implementation will improve financial stability of Montenegro. 

At a meeting with Cyril Muller, Vice President of the World Bank, priorities of the new Partnership Framework of the World Bank with Montenegro for the period 2016 – 2020 were discussed. It was jointly agreed that the main directions of future cooperation should focus on: increasing the resistance of Montenegro to shocks, reducing unemployment and inactivity and the development of the private sector.

At the meeting with the director of IFC for Europe Tomasz Telma the areas of future cooperation in supporting private sector investment were highlighted, particularly sustainable tourism, infrastructure and projects of agribusiness that are related to tourism, as well as improving access to finance for micro, small and medium-sized enterprises. Telma informed the delegation of Montenegro that the IFC plans investments in Montenegro in the range of 40 to 80 million US dollars.

At the meeting with the Vice President of MIGA Karin Finkelston, possibilities of granting potential MIGA guarantees for funds of the Investment and Development Fund were discussed, aimed at improving access to finance for small and medium business.

At a meeting with Paul Thomsen - Director of the IMF for Europe, economic situation in Montenegro was discussed. Governor of Central Bank of Montenegro Milojica Dakić said that the banking system of Montenegro is liquid and solvent, and that NPLs halved in relation to the historical maximum and noted that they are no longer systematic, but individual problem.