Podgorica, (MINA-BUSINESS) – Montenegro needs a new model of economic development, transitioning from a consumption- and import-driven economy to one that creates value, based on investment, production, and exports, said Montenegrin President Jakov Milatovic.

During his visit to Washington, D. C., he met with the Managing Director of the International Monetary Fund, Kristalina Georgieva, to discuss key challenges in the global economy as well as the future course of Montenegro’s economic development. 

According to a press release from the President’s PR Office, it was concluded at the meeting that Montenegro has made significant progress in recent years, but is now at a stage where the key challenge is the long-term sustainability and structure of economic growth.

Milatovic announced an economic publication marking 20 years since the restoration of independence, which highlights the need for such a transformation and lays the foundation for a new development policy. 

He thanked the IMF for its technical support so far and invited them to support the establishment of Montenegro’s Fiscal Council. 

Milatovic also emphasized the importance of IMF expert support in Montenegro’s process of joining the eurozone, noting that this is a complex economic goal requiring strong institutions, stable public finances, and alignment with the highest European standards.