The Highest IMF and the World Bank Representatives and Finance Ministers and Central Bank Governors of Numerous Countries at the Meeting in Tivat

25/05/2023

"Cooperation, partnership and mutual support within the Constituency are the basis for strategic action towards individual countries' more dynamic economic growth and development and strengthening the global economy's resilience," was the message from the annual IMF and the World Bank Belgian-Dutch Constituency Meeting held on 25 and 26 May in Tivat, hosted by the Ministry of Finance and the Central Bank of Montenegro (CBCG).

Montenegro's President, Jakov Milatović, and Prime Minister, Dritan Abazović officially opened this noteworthy event gathering the highest representatives of the fiscal and monetary authorities of the Constituency's 16 member countries. At the same time, the Executive Director of the IMF, Paul Hilbers, and the Executive Director of the World Bank, Koen Davidse, the Minister of Finance, Aleksandar Damjanović, and the CBCG Governor Radoje Žugić gave the opening remarks.

Opening the meeting, President Milatović pointed out that "in the previous three years, after political changes, Montenegro recorded impressive economic results and a full recovery of economic activity damaged by the Covid crisis, as confirmed by the public debt reduction relative to the GDP and the lowest unemployment rate since restoring the independence". The President added that the significant minimum and average wage increase, the reduction of inequality and poverty in society, and the numerous structural reforms implemented were a reasonable ground for a more sustainable economic development model, which should even faster increase the living standards of citizens in the coming period.

"We are witnessing that global economy crises are frequent but surmountable. Therefore, I believe immensely in the possibility of mutual connection, both for faster individual countries' economic development and global stability. Based on joint initiatives, the reform wave and synergy, I believe we will soon turn a new, brighter page for the Montenegrin economy and the economy of all our countries," said Prime Minister Abazović.

In his opening address, Minister Damjanović expressed belief that "the most relevant meeting in finance which we proudly host is an opportunity, both mutually at the Constituency member states level and by strengthening the partnership with umbrella international financial institutions such as the World Bank and the IMF, to trace the path to safe economic growth and development and stable public finances."

Governor Žugić pointed out that the meeting resulted from the excellent cooperation of the CBCG with the IMF, the World Bank and the Constituency member countries' central banks. "Banking operations' ratios and international institutions' evaluations confirm that the banking system is the healthiest segment of the Montenegrin economy. As such, it significantly contributes to the country's financial stability," said Žugić.

Executive directors Hilbers and Davidse pointed out that these meetings were an excellent opportunity for the IMF and the World Bank representatives to discuss economic prospects and support for the region with the Constituency's member countries. Antonella Bassani, Vice President of the Europe and Central Asia Region at the World Bank, and Alfonso Garcia Mora, Vice President of World Bank's International Financial Corporation's (IFC), addressed the meeting participants, and Bo Li, Deputy Managing General of the IMF, held a presentation in video format.

The meeting will continue with two sessions to discuss economic stability and migration and several bilateral meetings on the meeting sidelines.

More than 100 delegates from 16 member countries of the Constituency (Armenia, Bulgaria, Belgium, Cyprus, Georgia, Croatia, Israel, Luxembourg, North Macedonia, Moldova, Bosnia and Herzegovina, Ukraine, the Netherlands, Romania, Andorra and Montenegro) including the highest IMF and the World Bank officials and ministers of finance and central banks governors have attended the event in Tivat.

Central Bank of Montenegro

Ministry of Finance

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