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World Bank News: Montenegro Joins The IMF And World Bank

Published date: 22.01.2007 15:00 | Author: Kliping inostranih medija

Ispis Print

Montenegro has joined the International Monetary Fund (IMF) and the World Bank, boosting each institution's total membership to 185 countries. /

The Balkan republic of 620,000 people became Europe's newest country last summer after its voters supported a split from Serbia in a May referendum. Both the IMF and the World Bank made separate announcements about Montenegro's membership on Thursday. IMF chief Rodrigo de Rato said the country's transition to independence has been impressive and economic activity has recovered. He also noted that the country has increasingly become the focus of investor interest. ... [The Associated Press/Factiva]

De Rato further pointed out that [T]he future holds many challenges. Achieving a sustained increase in prosperity will require sound economic management, in order to establish the conditions for economic growth and stability - not least in harnessing the benefits of strong foreign direct investment and tourism for the country's future development. [Xinhua (China)/Factiva]

Montenegrin TV notes that The original IMF statute and World Bank convention were signed by the Montenegrin Finance Minister and Central Bank Council President, Igor Luksic and Ljubisa Krgovic respectively. With its membership in the IMF and World Bank Montenegro has completed its integration into the global economic system and has won the right to apply for financial aid like all the other members of these organizations. Membership in the IMF is very important because with the help of this international organization's program's Montenegro will accelerate its journey to the European Union, Krgovic pointed out. Luksic believes that membership in the IMF and World Bank is of exceptional importance for Montenegro because of its future ratings, and that it is an excellent signal to all potential investors who are prepared to invest in Montenegro. [Montenegrin TV/Factiva]

Montenegros quota, or stake in the IMF, was set at $41.2 million out of a total of $325 billion of the 185 members. The World Bank said it is developing a new four year strategy for Montenegro to help shore up public finances and to encourage private sector investments. The strategy, which is expect to be completed by mid-2007, is likely to focus on supporting Montenegro on the path toward European Union membership; promoting growth and jobs through investments in environmentally sustainable tourism infrastructure, along with other high priority infrastructure needs; and supporting government efforts to strengthen and streamline social services such as health and education, the Bank said. [Agence France Presse/Factiva]