The Minister of Finance, Aleksandar Damjanović, and the Ambassador of Switzerland, Urs Šmid, signed today the amended agreement on the debt reprogramming of the Federal Republic of Yugoslavia and Switzerland.
The Ministry announced that the amendments to the agreement define the replacement of the LIBOR-based interest rate with the SARON-based interest rate.
"Given that the financial regulatory body in Great Britain has stopped determining the reference value of the interest rate (LIBOR), i.e. replaced it with alternative interest rates such as, in the case of Switzerland, the Swiss average overnight rate (SARON), Montenegro has fulfilled its obligations according to that country, aligned with the new terms of the agreement," the announcement states.
When it comes to the dynamics of debt repayment itself, the previously established conditions, which include two annual installments until 2024, remain unchanged.
Damjanović expressed satisfaction at the resolution of this issue and said that, according to the agreement, Montenegro will continue to meet its obligations to all partners, especially respecting the friendly relationship that has been binding the two countries for decades.
Šmid recalled the large number of investments realized by Switzerland, as one of the five largest investors in Montenegro, which are not only focused on tourism, but also on industry and production services.
He also mentioned two Swiss companies, which are successfully operating in the north of Montenegro.
"One of them, Trunz in Bijelo Polje, is engaged in the production of lighting equipment for trains and exports these products all over the world, and the other, Tara Resources, is starting the construction of the Brskovo mine in Mojkovac, which was jointly assessed as having the status of a project of national importance," the announcement added.
Šmid informed Damjanović that during his visit to Montenegro, he will have a meeting with more than 20 Swiss investors who do business in our country, which he assesses as an additional chance for deepening cooperation and new projects.
Damjanović thanked for the support provided by Switzerland through significant participation in the investment cycle, especially in the northern region, which contributes to the country's more even economic development.
He also thanked for the contribution that Montenegro receives through the Swiss Development Agency, but also through Swiss support for the regional cooperation of the Western Balkans.
It was established that it is necessary to improve diplomatic relations and adequately resolve the issue of diplomatic representation of Montenegro in Switzerland, in order to be aligned with extremely successful economic cooperation.
Economic cooperation, as announced, is characterized by a very high level of trade, which this year, as of September, is at the level of 210,3 million euros.
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