The government is focused on promoting balanced and sustainable growth, encouraging energy projects, and implementing reforms related to climate change and green economy development, stated Finance Minister Novica Vuković during a meeting with World Bank representatives.
“Further investments in renewable energy and infrastructure will strengthen Montenegro’s position as a regional energy hub and its leading role in Europe for wind energy production,” Vuković said at the meeting organized as part of the annual International Monetary Fund (IMF) and World Bank (WB) session.
The Montenegrin delegation, led by Vuković and Central Bank Governor Irena Radović, discussed with the World Bank’s Vice President for Europe and Central Asia, Antonella Bassani and Executive Director Eugene Rhuggenaath.
Vuković emphasized that there is intensive work underway to expand Montenegro’s economic and export base, enabling additional foreign direct investment inflows, which will also accelerate the country’s integration path.
He reiterated that the government remains focused on implementing a wide range of reform measures and laws to create the institutional framework necessary for fulfilling the remaining chapters for EU accession.
Vuković thanked the World Bank representatives for their continuous partnership support, highlighting the importance of the adopted Partnership Framework for Montenegro for the period up to 2029, amounting to USD 350 million, aligned with the goals for inclusive growth, green economy, strong governance, and progress toward EU integration.
Regarding cooperation with the World Bank, Vuković mentioned the joint Tax Administration Reform Project (RARP), valued at €18.8 million, which is significant for improving and reforming public finances. This project is expected to help reduce the shadow economy and budget deficit while raising citizens’ awareness about the importance of receipts and better control of commercial transactions among taxpayers.
Radović presented current indicators of the banking sector’s performance in Montenegro, which confirm the system’s stability and resilience.
She expressed gratitude for the collaboration and noted that World Bank technical assistance programs have provided significant support to the Central Bank of Montenegro (CBCG) in modernizing payment systems and enhancing institutional capacities.
“The newly adopted Partnership Framework envisages continued collaboration in these and other areas, creating the prerequisites for further improvements in key segments of the financial system, which is crucial for Montenegro’s economic development and integration into European processes,” the interlocutors assessed.
In a meeting with the World Bank’s Regional Director for the Western Balkans, Xiaoqing Yu, discussions focused on strategic initiatives for modernizing payment systems. The meeting concentrated on steps toward implementing the SEPA payment system and developing a modern instant payment system—TIPS clone.
Radović highlighted the importance of implementing these innovative solutions to enhance the efficiency of the payment system and support economic development.
She also attended a meeting organized by the IMF’s Director for Europe, Alfred Kammer, for central bank governors and finance ministers, where regional economic perspectives and challenges for the upcoming period were presented.
