Through constant support through remittances, the diaspora contributes to education, healthcare, entrepreneurship, solving housing issues, and the well-being of numerous families throughout Montenegro, which is of essential importance to the country.
This was assessed by the Head of Mission of the International Organization for Migration (IOM) in Montenegro, Vladimir Gjorgjiev, and the Minister of Diaspora, Mirsad Azemović, on the occasion of the International Day of Family Remittances.
In a joint statement, they said that they recognize the significant impact of remittances, not only on individual households, but also on the overall economic and social development of Montenegro.
According to Gjorgjiev and Azemović, for many families in Montenegro, remittances represent a key source of financing and a remarkable driving force that contributes to poverty reduction, investment, and community resilience.
"The contribution of the diaspora, which through constant support through remittances, directly or indirectly, contributes to education, health, entrepreneurship, solving housing issues and the well-being of numerous families across the country, is of essential importance to Montenegro," the statement said.
It added that this continued support reflects the diaspora's strong connection to its homeland.
"The fact that the share of remittances last year was 11 percent of the domestic gross domestic product (843,62 million euros) is a clear indicator that the diaspora makes a key contribution to financial stability and strengthening social resilience in the country," said Gjorgjiev and Azemović.
They said that remittances are essential, not as a substitute for sustainable development, but as an enabler of that development.
“Therefore, we must go beyond simply recognizing their value and actively develop structured programs that maximize development impact,” Gjorgjiev and Azemović pointed out.
As they said, by improving investment channels and financial inclusion, and opening up new opportunities, the goal is to encourage the productive use of remittances in areas such as local community development, entrepreneurship, rural development, and youth empowerment.
Gjorgjiev and Azemović believe that it is also necessary to promote financial literacy among remittance recipients in order to empower them and achieve self-sustainability.
“It is also important to strengthen cooperation between public institutions, the private sector, banks and diaspora communities,” added Gjorgjiev and Azemović.
They said that the project funded by the IOM Development Fund "Engaging the Diaspora for Sustainable Development of Montenegro - Phase II" represents an important step towards integrating successful global practices that will lay the foundation for future initiatives aimed at the efficient management of remittances and financial potential.
“Through a dual approach, the project supports the Government of Montenegro in shaping a strategic framework for future diaspora engagement, while simultaneously implementing targeted activities to strengthen cooperation with Montenegrin emigrants,” stated Gjorgjiev and Azemović.
They stated that the Ministry of Diaspora and IOM Montenegro remain committed to working diligently to design and implement evidence-based policies and programs that will harness the full potential of diaspora remittances and contributions.
This, they said, includes encouraging partnerships between the public and private sectors, as well as creating opportunities for the transfer of knowledge and skills.
Gjorgjiev and Azemović thanked the Montenegrin diaspora for their strong commitment and encouraged all relevant stakeholders - state institutions, civil society, financial entities and international partners, to work together to create an environment in which remittances will be an incentive for inclusive, long-term and sustainable development.
"Together, we are committed to actions that will build a stronger, more connected and more resilient Montenegro," said Gjorgjiev and Azemović.
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