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Cabinet passes Decision on Borrowing of Montenegro...
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Cabinet passes Decision on Borrowing of Montenegro for 2019
Published on: Dec 21, 2018 • 1:28 AM Author: PR Service
Podgorica, Montenegro (20 December 2018) -- At today's session, the Cabinet passed the Decision on the Borrowing of Montenegro for 2019. This decision defines which loan arrangements will be concluded during 2019, with which financial institutions and in what amount, as well as which projects these funds are intended for. The Decision also sets out for which loan arrangements the State can issue guarantees.
"The Decision also allows the possibility of the Government's borrowing to finance the budget amounting to EUR 370 million, of which EUR 190 million will be needed to finance budgetary needs, capital budget and debt repayment, while EUR 180 million are intended for funding the section of the Bar - Boljare motorway," General Director of the State Treasury Directorate Dragan Darmanović told a press conference following the Cabinet session, adding that the Decision stipulates that in 2019 the Government can also make loan arrangements for debt refinancing purposes in the amount of 250 million euros, a project to be provided through of the World Bank's guarantee. Also, there is a possibility of borrowing for the needs of implementation of the project of construction of the Smokovac - Mateševo section of the Bar-Boljare motorway.
Furthermore, the Decision provides for that during the year the State may borrow for the needs of the liquidity of the budget, and it is obliged to repay these funds by the end of the current year.
All these responsibilities are in line with the annual Budget Law for 2019, and the borrowing procedure will be implemented by the Government of Montenegro on the proposal of the Ministry of Finance.
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