Montenegro needs to cut fiscal deficit and public debt, WB and Government officials agree

Podgorica, Montenegro (1 November 2011) -- Bringing down the fiscal deficit, public debt and dependancy on foreign financing, in particular when the conditions on the international market are sensitive and upredictable, are the major Montenegro's challenges in the period to come, Finance Minister Milorad Katnić and World Bank Regional Coordinator for Southeast Europe Jane Armitage told the press conference presenting WB ‘s report on strengthening the public expenditure management in Montenegro.

The collaboration with the World Bank is of great importance in advancing Montenegro’s fiscal position and creating long term progress policies which are supposed to improve the standard of living of the majority of Montenegrin citizens, Minister Katnić emphasised.

The World Bank’s Jane Armitage voiced full support for the Minister’s plan to continue to reduce the fiscal deficit in Montenegro and to gradually bring down the level of public debt, as well as for the possible actions in the area of public expenditure for pensions, wages, education, health, social protection and environmental protection.

The World Bank will also, in her words, continue to provide assistance to the banking sector, stressing the significance of the improvements made in advancing business environment in Montenegro.

She stressedd on this occasion that the European Commission’s recommendation for the opening of EU accession talks is a sign of the confidence that the international community has in the reforms in Montenegro.

"That is a very positive step and we are very happy for Montenegro and are available to help in every way,” the World Bank’s Southeast Europe Coordinator concluded.