The decline of the index and weaker turnover marked the week on the Montenegro Stock Exchange, in which it was announced that the cumulative budget deficit for nine months amounted to EUR 36 million or 0.7 percent of the gross domestic product, which is EUR 140.1 million lower from the plan.
The value indicator of the ten best companies MNSE10 fell by 1.5 percent to 891.02 points, and MONEX by 1.2 percent to 12,547.29 points.
The turnover, realized through 16 transactions, amounted to EUR 51.82 thousand and was ten times lower than last week’s. The largest share in it was held by Jugopetrol shares, namely 74.32 percent, and on a weekly basis they weakened by 3.3 percent to EUR 11.6.
The shares of Crnogorski elektroprenosno systema also fell 3.7 percent to 90.06 cents and Crnogorski Telekom 3.3 percent to 1.45 EUR. Plantaž shares gained 3.1 percent to 21.46 cents.
Shares of Elektroprivreda, Port of Kotor and Zetatrans were also traded, which ended the week at EUR 3.4 and EUR 7.1 and 90 cents respectively.
This week, the Ministry of Finance announced that the budget deficit was EUR 29.3 million, or 44.9 percent lower compared to the same period last year. Budget revenues in the first nine months amounted to EUR 1.46 billion and were 8.5 percent higher compared to the same period last year, and five percent higher than planned.
In the middle of the week, the Minister of Finance, Aleksandar Damjanović, announced that the Government plans to issue government bills in the amount of up to EUR 70 million with a maturity of half a year.
The Government has adopted the Information on the issuance of government bills, with the aim of securing part of the missing funds for financing the budget for this year and creating a fiscal reserve.
Damjanović said that this formalizes what the parliament verified through the adoption of the rebalance and the decision on borrowing.
“Now is the moment to issue government bills in the amount of up to EUR 70 million with a maturity of up to six months, bearing in mind the expressed interest of the banking and other parts of the financial sector, as well as conditions that are much more favorable than the so-called bilateral arrangements”, explained Damjanović.
This week, the European Commission announced an energy support package for the Western Balkans, worth one billion euros, which should help them overcome the energy crisis more easily.
Prime Minister Dritan Abazović, after the Summit of the leaders of the Berlin Process countries, said that it is good that Montenegro will receive part of the financial aid decided by the EU, which will not be small.
The week was marked by the visit of the US trade mission of information and communication technologies (ICT) and clean technologies, the first such mission of the US government in the region in the last 20 years and the first to Montenegro. The mission is focused on two strategically important sectors for Montenegro, ICT and clean technologies, and the delegation consisted of representatives of 22 American companies.
Abazović, at the round table with representatives of the mission, said that Montenegro geopolitically belongs to the West, which is why direct investments from the United States of America (USA) are important, which would have an impact on increasing the credibility of the Montenegrin investment environment.
“We want to see American investors involved in strategic investments, such as the LNG terminal in the Port of Bar”, said Abazović and called on American investors to invest in sustainable energy sources, such as solar panels, introducing them to the fact that Montenegro is a regional energy hub that the product can be placed on the European market without major problems.
At a meeting with representatives of the American mission, Damjanović said that the formalization of cooperation in the area of customs and avoidance of double taxation would enable the removal of business barriers and give a chance for greater representation of investors from the USA. He suggested two possible steps to improve economic cooperation, related to the signing of an agreement on avoiding double taxation with the USA, as well as one that would define and facilitate cooperation in the field of customs.
At the beginning of the week, the Union of Montenegrin Telekom organized a one-hour warning strike saying that the management, with its behavior and ignorant attitude, is completely derogating from social dialogue and collective bargaining with the aim of eliminating the Collective Agreement.
The union said that the employees are demanding salary adjustment, i.e. an increase in the price of work.
Representatives of the management of the telecommunications company announced that meeting the unrealistic populist demands of the union leader would endanger jobs and the entire company.
“The warning strike of part of Telekom’s employees does not bring progress or anything new in the negotiations on the Collective Agreement, since the management has already responded to all the demands of the union leaders by maintaining the existing ones and improving certain benefits for the employees to the extent possible, but also by offering alternatives to requests, the fulfillment of which would endanger the company’s operations”, said the management, local media writes.