Ms. Ana Krsmanovic, Independent Advisor in the Ministry of Finance, took part in the Ministerial Conference devoted to the Financial Reporting Reforms, organized in Vienna Fragment from the Speech.

Published date: 03.12.2009 14:40 | Author: RAČUNOVODSTVO I REVIZIJA

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On the path towards an open, competitive and liberal economy with stimulant market Montenegro has undergone many reforms, which led us to the final stage of the transition process. The forthcoming period will be marked by the fine tuning of established institutions, especially within the EU integration context. However, in the last year it seems that many countries have postponed the finalization of the transition process for a post-crisis period. The need to preserve the social and economic balance worldwide becomes ecumenical priority. Negative crisis implications will significantly downgrade the efforts and economic results achieved by many countries. The continuity of the constant growth related to the improvement of the economic systems and subsequent realization of macroeconomic scenarios will be affected. We see structural reforms as being an ultimate response to the crisis, and thus we understand the crisis also as an opportunity to continue and intensify reforms. Currently, one of our urgent priorities is the further business environment improvement, with the elimination of business barriers, provision of incentives to entrepreneurship and development of small and medium sized enterprises. In that since, lack of reliable financial reporting system we recognize as an important business barrier. Improving business conditions is not and should not be an isolated objective of economic policy makers. In the short run, countries devoting greater attention than others may realize some benefits. But already in the medium and long term timely coordinated efforts of the regional countries aimed at creating conditions for easier business operation, make the total region both more competitive and visible in the market. Only then real benefits for citizens of our counties may be achieved. Being aware that reliable financial reporting system is also a cornerstone for the proper functioning of the market economy and strong financial system, Montenegro has set an ambitious agenda for improving financial reporting in the economy. The Strategy and Action Plan for Improvement of Financial in Montenegro have been adopted by the Government of Montenegro in October 2008. In this process, we have benefited from assistance of the World Bank, and I would like to express my gratitude with the hope that its assistance will continue in the future.