Governor Radović Meets with Kristalina Georgieva: CBCG and the IMF – A Partnership for Resilience, Reform, and Integration

30/05/2025

Governor of the Central Bank of Montenegro, Dr. Irena Radović, met in Dubrovnik with the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, on the occasion of the High-Level Conference jointly organized by the Croatian National Bank and the IMF.

During the meeting, Governor Radović expressed her appreciation for the longstanding and comprehensive cooperation between Montenegro and the IMF, which since Montenegro’s membership in 2007 has evolved into a genuine partnership grounded in trust, professionalism, and shared commitment to reform. She emphasized the IMF’s strong support in strengthening the institutional and operational capacities of the CBCG and in preserving and advancing macroeconomic stability.

Governor Radović also underscored the importance of the IMF’s role in supporting Montenegro’s alignment with Eurosystem standards, including the implementation of European payment schemes such as SEPA—key milestones in Montenegro’s deeper integration into the EU’s financial framework.

In light of growing global challenges, the discussion also touched on the IMF’s role in upholding central bank independence, reinforcing institutional credibility, and addressing the effects of geopolitical and geoeconomic fragmentation. Governor Radović noted that for small and open economies such as Montenegro, the IMF serves not only as a source of stability, but also as a trusted advisor providing analysis and support for sound governance principles.

“In a time marked by fragmentation, trade tensions, and the erosion of international rules, we need the IMF’s voice and presence to remain agile and clear—preserving the core values of economic governance and enabling policy responses that are flexible and context-sensitive,” said Governor Radović.

Particular attention was given to the IMF’s upcoming initiative to establish a regional technical assistance center SEETAC, covering the Western Balkans and Moldova. Governor Radović welcomed the initiative, emphasizing that SEETAC will serve as a key mechanism for strengthening institutional capacity and supporting reforms across the region, in close alignment with EU integration processes. She also stressed the importance of CBCG’s engagement in all stages of SEETAC’s design, implementation, and coordination, in order to ensure relevance, flexibility, and tangible results for beneficiary countries.

Both sides expressed confidence in the continuation of close cooperation through the forthcoming CBCG Needs Assessment for alignment with ESCB and Eurosystem standards, for which technical assistance is also expected to be provided by the European Union. In this context, the need for greater coordination among international development partners—including the IMF, the World Bank, and the EU—was also discussed, with the aim of ensuring coherence and effective implementation of reform agendas.

Governor Radović and Managing Director Georgieva agreed that investments in green and digital infrastructure, strengthening institutional capacity, and deepening regional cooperation within the Western Balkans are essential preconditions for long-term resilience and the achievement of the region’s shared strategic goal—full EU membership.