Podgorica, (MINA-BUSINESS) – Vice-President of the World Bank, Cyril Muller, has said that Montenegro now faces fewer challenges compared with the previous period, adding that structural reforms are necessary to fully support fiscal consolidation.
At a meeting with a Montenegrin delegation, led by Minister of Finance Darko Radunovic, and Governor of the Central Bank (CBCG) Radoje Zugic, held during the annual meeting of the International Monetary Fund and the World Bank (WB), he said that there was mutual confidence between the WB and Montenegrin institutions.
Muller said that nearly all conditions for approval of the second part of guarantees for development policy had been met, in terms of fiscal measures and financial stability.
According to a press release issued by the Ministry of Finance and the CBCG, Muller said that the previous provision of guarantees for the development policy was one of the most successful projects, adding that the Bank would try to transfer the positive experience form Montenegro to other countries.
The ongoing projects of waste management, tax administration reform and support for the public sector optimization process were also discussed at the meeting.
The Montenegrin delegation participated in a conference organized on the occasion of presentation of the Regional Economic Outlook report.
It was concluded during the conference, which was chaired by President of the IMF’s European Department, that further economic expansion was expected, but at a little slower pace because of higher risks.
Radunovic said that the Government was working on implementation of structural reforms aimed at obtaining second part of guarantees for the development policy, and strengthening the economic growth.
Zugic said that the banking system was stable, liquid and profitable, adding that the level of assets had exceeded the gross domestic product for the first time.
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