IMF praises Montenegro’s right track, new cooperation with IMF

Podgorica, Montenegro, Washington, DC – At their spring session, the IMF and the World Bank made a favourable assessment of Montenegro’s progress in economic and structural reform, and of its Eurobond issue procedure earlier this month, said Finance Minister Milorad Katnić who attended the session. Minister Katnić also agreed on technical cooperation with IMF, whose mission will come to Montenegro as early as May, said he in an interview to the national TV station RTCG.

The IMF mission is expected to offer technical and expert monetary and fiscal assistance to Montenegro. In addition, Montenegro is closing the previous round of IMF consultations which will result in a progress report on Montenegro. In Katnic’s words, this “IMF progress report is a precondition for receiving the IMF development loan,” which he believes “Montenegro has a high prospect of obtaining” in the coming period.

Minister Katnić also said that “Montenegro chose to go with Eurobond issue instead of an IMF loan in order to show it can act internationally with great credibility and attract a large number of foreign investors.” He also added that the IMF has confirmed that Montenegro meets its requirements and standards and follows the IMF recommendations that are favourable to Montenegro in the long run.

In response to the most recent global food price rises, Minister Katnić remarked that Montenegro will aim at protecting the most threatened groups of population and at establishing greater market competitiveness.