The government is focused on promoting balanced and sustainable growth, encouraging projects in the field of energy, as well as implementing reforms related to climate change and the development of the green economy, announced Finance Minister Novica Vuković at a meeting with representatives of the World Bank.
"Further investments in renewable energy sources and infrastructure will strengthen Montenegro's position as a regional energy hub and its leading place in Europe in terms of participation in the production of energy from wind energy," said Vuković during a meeting organized as part of the annual session of the International Monetary Fund (IMF). and the World Bank (WB).
Representatives of the Montenegrin delegation, led by Vuković and the governor of the Central Bank, Irena Radović, spoke with the vice-president of the SB for Europe and Central Asia, Antonella Bassani, and the executive director Eugen Rhuggenaath.
Vuković said that intensive work is being done on expanding the economic and export base of Montenegro, as well as enabling an additional inflow of foreign direct investments, which will also affect the acceleration of the country's integration path.
He also said that the Government remains focused on the implementation of a wide range of reform measures and laws in order to create an institutional framework for fulfilling the remaining chapters for EU accession.
Vuković thanked the representatives of the SB for continuous partnership support, emphasizing the importance of the adopted Partnership Framework for Montenegro for the period from next year to 2029 in the amount of 350 million USD, which is in line with aspirations for inclusive growth, green economy, strong management and progress towards integration in the EU.
In the context of cooperation with the SB, Vuković mentioned the joint project of Tax Administration Reform (RARP), worth 18,8 million euros, which is one of the most significant in the field of improvement and reform of public finances. According to him, this project will help reduce the gray economy and budget deficit, but also raise citizens' awareness of the importance of keeping accounts and better control of commercial transactions between taxpayers.
Radović presented the interlocutors with current business indicators of the banking sector in Montenegro, which confirm the stability and resilience of the system.
She thanked for the cooperation and added that the SB technical assistance programs provided significant support to the CBCG in implementing activities aimed at modernizing payment systems and improving institutional capacities.
"The newly adopted Partnership Framework envisages the continuation of cooperation in these and other areas, which creates preconditions for further improvements in key segments of the financial system, which is of great importance for the economic development and integration of Montenegro into European flows", the interlocutors assessed.
At the meeting with the SB regional director for the Western Balkans Xiaoqing Yu, strategic initiatives for the modernization of payment systems were discussed. The meeting was focused on the steps towards the implementation of the SEPA payment system and the development of a modern system for instant payments - a TIPS clone.
Radović stated the importance of implementing these innovative solutions for improving the efficiency of the payment system and supporting economic development.
She also attended a meeting organized by the Director of the European Sector at the IMF, Alfred Kammer, for governors of central banks and ministers of finance, where regional economic perspectives and challenges for the next period were presented.
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