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IMF REPORTS

07.06.2017.

IMF Staff Concludes Visit to Montenegro

An International Monetary Fund (IMF) mission, led by Martin Petri, visited Podgorica during May 31 – June 7, 2017, to continue discussions on the authorities’ fiscal consolidation strategy, initiated during the last Article IV mission (see Concluding Statement of February 28, 2017). At the conclusion of the visit, Mr. Petri made the following statement...

07.03.2012.

The preliminary conclusions of the IMF Mission

Here you can find The preliminary conclusions of the IMF Mission in Montenegro...

09.05.2011.

IMF Executive Board Concludes 2011 Article IV Consultation with Montenegro

IMF Executive Board Concludes 2011 Article IV Consultation with Montenegro

A tentative recovery is taking hold, following the global crisis that exerted heavy blows upon the economy. In 2010, a good tourism season was followed by resumed metal production, while heavy rains in the region boosted electricity production and exports. After contracting for almost two years, industry began to grow again in the second half of 2010. Nevertheless, industrial production at end-2010 was still considerably below its pre-crisis peak. Expected large-scale infrastructure foreign direct investment has so far not materialized and construction activity remains depressed. Overall 2010 GDP growth is estimated at 1.1 percent, keeping output below its 2008 level...

22.02.2011.

Preliminary Conclusions of the Mission, February 21, 2011

Preliminary Conclusions of the Mission, February 21, 2011

After contracting 22 months, industry began to grow again in the second half of 2010, and tourism registered a relatively strong rebound during the summer of 2010. Going forward, the recovery is projected to gain momentum, supported by high world prices and demand for Montenegro’s industrial exports, new tourism projects, and increased confidence in the financial system...

23.11.2010.

Government and IMF agree on positive growth projections for Montenegro’s economy

Government and IMF agree on positive growth projections for Montenegro’s economy

“The Montenegrin Government and the IMF have managed to overcome the differences concerning growth projections for this and next year, and we now agree that the Montenegrin economy will experience a slight growth this year and that it will grow 2.5-3% next year,” Deputy Prime Minister Igor Luksic told the press after meeting with head of the IMF mission to Montenegro Gerwin Bell on Monday, November 22...

13.05.2010.

IMF Executive Board Concludes 2010 Article IV Consultation with Montenegro

IMF Executive Board Concludes 2010 Article IV Consultation with Montenegro

Montenegro has been hit hard by the global financial crisis. Contagion and concerns about the robustness of the banking system have triggered large deposit withdrawals and a credit crunch. Moreover, the unwinding of the real estate boom has generated strong negative wealth effects that depressed demand. Finally, adverse terms of trade shocks have strained the industrial sector. As a result, GDP contracted sharply in 2009 and unemployment inched up. Meanwhile, upward pressures on wages and inflation have eased...

10.05.2010.

Statement of the Ministry of Finance on the occasion of the IMF’s Board conclusions

The IMF’s Report is a confirmation of our efforts and activities of the Government of Montenegro being implemented in the previous period aimed at stabilizing the overall economic and financial environment, deteriorated due to economic and financial crisis...

03.02.2010.

Preliminary Conclusions of the Mission IMF, February 2, 2010

Developments in 2009 appear to have confirmed lingering doubts about the sustainability of Montenegros past growth. Despite resilience in the important tourism sector and continued privatizations, GDP is preliminarily estimated to have contracted by 7 percent (a steeper drop than elsewhere in the region); overall employment (including foreign employment) is estimated to have fallen by 15 percent; and the budget deficit and public debt deteriorated to 3 and 39 percent of GDP, respectively. Meanwhile, and notwithstanding signs that the contraction is easing, there are few signs of an imminent recovery. However, with the right policies, the Montenegrin economy should be able to quickly return to healthy growth, but the need for policy adjustment is urgent and far ranging

03.02.2010.

Statement of the Ministry of Finance on the occasion of IMF’s Mission preliminary conclusions

After reviewing the IMF’s mission report and preliminary assessment, the Ministry of Finance announces the following: the report is in a negative context addressing the fiscal policy of the Government of Montenegro, not listing a number of positive actions and measures taken by the Government in the area of fiscal adjustments during 2009, whereas some facts and comments presented in the report do not match the real situation...

16.12.2008.

Preliminary Conclusion of IMF mision

1. Montenegro has made significant progress in overhauling its economy. The last five years have seen inflation performance improved through the adoption of the euro as sole legal tender; banking sector restructuring; significant privatization; strengthened market infrastructure; and progress in fiscal consolidation. These efforts have been rewarded by strong foreign investor interest, particularly in tourism, construction, and banking. Credit growth has soared, stimulated by surging deposits and keen competition in the largely foreign owned banking sector. Demand has boomed, supported by credit, increased wealth from real estate sales to foreign investors, and expectations of continued strong economic growth. As a result, GDP, employment and wages have grown strongly, while the registered unemployment rate has halved from 20 percent in 2005 to under 11 percent recently..

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