Strong IMF Support for Montenegro’s Reforms and European Path

17/04/2026

During the second day of the IMF / World Bank Spring Meetings in Washington, the Montenegrin delegation, led by Governor Irena Radović and Minister of Finance Novica Vuković, held a series of bilateral meetings with senior IMF officials.

The meeting with IMF Deputy Managing Director Bo Li reaffirmed the strong cooperation between Montenegro and the IMF, and an open and substantive dialogue that further strengthens the country’s economic credibility and supports Montenegro’s reform momentum.

Governor Radović highlighted the importance of continuous and targeted IMF support for small economies, particularly in strengthening resilience to external shocks, improving policies, and building institutional capacity. She presented the current state of Montenegro’s banking sector and the key steps taken by the CBCG in the EU accession process, including full alignment of regulations with the EU acquis, accession to the SEPA area, implementation of the TIPS Clone project, strengthening the anti-money laundering and counter-terrorist financing framework, and the implementation of the Needs Assessment project.

Minister Vuković emphasised that Montenegro was recording stable macroeconomic trends, sustained reform momentum, and growing confidence among international partners. He particularly noted that the Ministry of Finance achieved a record 98% implementation rate of obligations from the European agenda for 2025, further confirming strong commitment to the European path. He added that reform progress is accompanied by tangible economic results – more than 2.7 million tourists in 2025, revenues of 1.48 billion euros, foreign direct investment growth exceeding 14%, and a historically low unemployment rate of 8.93%. The Minister stated that these indicators confirm that the Montenegrin economy was moving towards stability, growth, and greater resilience.

Bo Li positively assessed Montenegro’s progress in maintaining macroeconomic and financial stability and implementing reforms, stating that “the EU agenda is ambitious but achievable, and the IMF is a partner to Montenegro on this path”. He particularly emphasised the importance of preserving the CBCG's independence.

At the meeting with the Executive Director of the IMF and World Bank Constituency, Jeroen Clicq, and his Deputy Marnix van Rij, Governor Radović presented the current situation in Montenegro’s banking sector, highlighting its stability and positive trends in key indicators, with particular emphasis on the high capitalisation of banks and the continued decline in non-performing loans.

Minister Vuković recalled that GDP growth in 2025 amounted to 2.7%, with each quarter being at or above the EU average. He noted that revenue growth did not result from one-off effects, but from steady growth in tax categories, improved collection, and the broadening of the tax base.

IMF representatives assessed that significant progress has been made in legal alignment with the EU and reforms in the financial sector. They noted that Montenegro’s accelerated progress in negotiation chapters was a strong signal of institutional maturity and reform commitment.

During the day, the delegation also had meetings with Jeff Danforth, Head of the IMF Mission to Montenegro, and Pierre-Olivier Gourinchas, Chief Economist at the IMF, where they discussed current global and regional economic developments, challenges, and future priorities for cooperation between Montenegro and the IMF.

Governor Radović also participated in the meeting of the International Monetary and Financial Committee (IMFC), where current global economic challenges and the IMF’s policy directions were discussed.