Finance Minister Žugić meets with World Bank and MIGA's representatives in Washington

Washington D.C, the USA (14 April 2014) – Montenegro’s delegation, headed by Finance Minister Radoje Žugić and Governor of the Central Bank Milojica Dakić, participated Sunday in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington.

On the sidelines of the meetings, Montenegro’s delegation met with senior officials of the World Bank and the Multilateral Investment Guarantee Agency (MIGA).

There has been a significant shift in a number of economic parameters in Montenegro, Finance minister Žugić told the WB’s representatives, particularly referring to appreciably reduced budgetary deficit, as well as the gray economy, which are crucial prerequisites for boosting economic growth in the future. Montenegro’s banking system is stable and secure and the key development priorities for the next period are sectors of tourism, energy, agriculture and infrastructure, Minister Žugić underlined.

Vice President of the World Bank Laura Tuck praised Montenegro’s public finance management and fiscal consolidation, encouraging the Montenegrin delegation to continue pursuing reforms and "tough" measures necessary for future development.

The World Bank voiced willingness to finance the project of industrial waste management, Ms Tuck noted. The meeting between representatives of Montenegro and the world financial organisation also discussed new projects such as: pilot project of refinancing debt for elected local governments, support for IFC's development projects, primarily in the area of tourism, technical assistance for Montenegro’s Central Bank management of foreign exchange reserves, as well as support for innovative programmes based on measurable results.

The meeting with MIGA’s Vice President Michael Worsner addressed the use of the latest MIGA’a tools and the creation of innovative programmes related to the financial management in Montenegro’s municipalities.