Montenegrin delegation attends World Bank and International Monetary Fund meeting in Marrakech

During the first day of the 2023 annual meetings of the World Bank (WB) and the International Monetary Fund (IMF) in Marrakech, the delegation of Montenegro, led by Minister of Finance Aleksandar Damjanović and Governor of the Central Bank of Montenegro (CBCG) Radoje Žugić, held meetings with WB's Chief Executive Officer Koen Davidse and Vice President of the Europe and Central Asia Region Antonella Bassani.

The discussions focused on the state of public finances in Montenegro, which was assessed as stable, and forecasts for the upcoming period. It was noted that key macroeconomic indicators are at a commendable level, and Montenegro should continue its policy of full fiscal consolidation.

Additionally, talks centered on the implementation of WB-funded projects in Montenegro, their progress, and strategies to expedite their completion. Minister Damjanović highlighted that, in the current year, as a result of strategic, responsible, and rational management of public finances, a high degree of sustainability has been achieved. The state autonomously financed most of its ongoing obligations throughout the year, accompanied by record budget revenues, laying a solid foundation for future policies that will ensure the long-term stability of the public finance system.

Governor Žugić expressed gratitude to the World Bank representatives for their excellent collaboration, particularly for their support in modernizing and enhancing the cybersecurity of payment systems, which will bring Montenegro closer to EU standards and meet the requirements for integration into the SEPA system, thus facilitating access to the Single Euro Payments Area.

Discussions with WB representatives also emphasized the importance of effective management of climate risks, which are becoming increasingly relevant for the banking sector. World Bank representatives encouraged all countries to support the transition to a green economy, offering opportunities for faster economic recovery and the creation of new jobs.