Credit rating agency Moody's has confirmed Montenegro's stable outlook, maintaining its 'Ba3' rating, the Ministry of Finance announced.
The government department said that maintaining the credit rating is confirmation that Montenegro is on a stable path of progress, in terms of economic policies and development processes implemented during the mandate of the 44th Government.
"Such confirmation represents a positive signal for the Montenegrin economy, indicating that we are managing public finances responsibly and that our economic programs are sustainable," the statement said.
The Ministry of Finance and the Government will, as it is added, continue with reforms and measures that will lead to economic progress and improvement of citizens' standards, with full financial stability.
Moody's report states that Montenegro's rating could be improved if fiscal consolidation were further accelerated and if fiscal risks related to the remaining sections of the Bar-Boljare highway remained under control.
"In addition, continued progress towards EU accession, supported by a stable political environment, would reflect positively on the credit rating," the statement said.
The stable outlook, they said, reflects positive credit trends.
"Increased investment will continue to be a key driver of growth in the medium term, driven by projects in the tourism and energy sectors, as well as the development of transport infrastructure, including the construction of the second section of the Bar-Boljare highway," the ministry said.
It is expected that during the EU accession process, Montenegro's institutions will continue to strengthen, while stronger economic integration with regional and EU markets will support the economy's longer-term potential.
"Montenegro can be proud of a series of consecutive confirmations of economic stability by the most credible rating agencies. The government continues to improve the economy and the standard of living of its citizens," the statement concluded.
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