IMF to support supervision of Montenegrin banks, insurers - c-bank

PODGORICA (Montenegro), April 24 (SeeNews) – The International Monetary Fund (IMF) has pledged to provide technical support for the supervision of banks and insurance companies in Montenegro, the country's central bank, CBCG, said on Monday.

The IMF also promised support for the reform of Montenegro's tax administration system, in order to strengthen the revenue side of the state budget, the central bank said in a statement after a meeting of governor Radoje Zugic with senior IMF and World Bank officials in the framework of the 2017 Spring Meetings of the two financial institutions held in Washington April 21-23.

During the meeting with Radoje Zugic, the Vice President of the World Bank, Cyril Muller, said that significant improvements in the fiscal position and strengthened financial stability create a real basis for increasing the cooperation with Montenegro, by providing support in the form of guarantees of the World Bank to support fiscal reforms, the CBCG said.

The support would further facilitate the access of Montenegro to international capital markets this year, the central bank quoted Muller as saying.

Muller praised the significant progress in the implementation of the project of improving the efficiency of the tax system aimed at increasing tax revenues, as well as the project for management of industrial waste, which will contribute to the sustainable development of Montenegro, CBCG said.

Earlier this month, the World Bank said it projects a real economic growth of 3.3% in Montenegro in 2017, 0.3 of a percentage point lower than the forecast it had made in November.