Agreed Continuation of Cooperation with the IMF

14/10/2023

Within the Annual International Monetary Fund (IMF) and the World Bank (WB) Meetings, Montenegro’s delegation led by the CBCG Governor Radoje Žugić and the Minister of Finance Aleksandar Damjanović met with the Executive Director of the IMF Paul Hilbers, his alternate Luc Dresse and the Director of the European Department at the IMF, Alfred Kammer.

During meetings with the IMF senior officials, Governor Žugić and Minister Damjanović presented Montenegro’s current financial and fiscal position.

Governor Žugić presented the latest indicators of banking operations in Montenegro, confirming that this sector was stable, sound and without significant vulnerabilities. It was pointed out that due attention was to be paid to potential risks arising from the global economic and geopolitical situation. In this regard, stemming from the extraordinary cooperation in the previous period, they agreed on the IMF’s support in improving interest rate risk management and minimising potential vulnerabilities in preventing money laundering and terrorist financing.

Minister Damjanović expressed satisfaction with the latest IMF economic growth forecasts, according to which Montenegro recorded a 4.5% growth and was at the top of European countries’ economic growth for 2023. He said that Montenegro had ensured financial stability and sustainability for the next period and pointed out the intention to follow the same path, working to improve the living standard by strengthening the economy, strategic planning, rational consumption and necessary structural reforms. During the open and constructive dialogue, he thanked the IMF senior officials for their reliable partnership with Montenegro so far.