Vuković: Montenegro committed to strengthening the stability and resilience of the economy

Montenegro remains committed to strengthening the stability and resilience of the economy through reforms aimed at long-term sustainable growth, said the Minister of Finance, Novica Vuković.

As announced by the Ministry of Finance, Vuković said this at a meeting with the Deputy Director of the Fiscal Affairs Department of the International Monetary Fund (IMF), Ira Danla-Norris, as part of the Annual Meetings of the IMF and the World Bank in Washington.

Vuković thanked for the continued support provided by FAD in the areas of fiscal policy, public finances, fiscal risk analysis, and state-owned enterprise reform.

He said that in terms of technical assistance, the emphasis of future cooperation should be on early identification of fiscal risks.

The statement states that Vuković, together with his associates and the acting director of the Tax Administration, Savo Laketić, emphasized the reform and demanding process of digitizing the Tax Administration and the completion of the complex RARP project (Tax Administration Reform), which is expected by the end of the year.

It is added that the meeting discussed key results of the cooperation so far, including the drafting of the Statement on Fiscal Risks, the development of microsimulation models, the improvement of fiscal analytics, and the strengthening of the transparency of public finances.

FAD representatives praised, as announced, the progress that has been achieved in this area in a short period of time, assessing the economic and fiscal environment as stable, secure and predictable.

"The Ministry of Finance team presented specific priorities for further IMF technical support, including modernizing treasury operations, introducing accrual accounting, strengthening inspection supervision, combating the shadow economy, as well as preparing analyses of the impact of demographic and climate and demographic changes on public finances, as well as resilience to external shocks," the statement said.

It is added that the meeting was assessed as extremely constructive and is a confirmation of the strong partnership between Montenegro and the IMF, which represents an important support in implementing reforms and conducting responsible economic policies.

"Montenegro remains committed to strengthening the stability and resilience of the economy through reforms aimed at long-term sustainable growth, in open dialogue and partnership with international financial institutions," said Vuković.