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Strategy of Public Administration Reform in Montenegro 2011. - 2016. "Aurum"

Public Administration Reform Strategy in Montenegro for the period 2011-2016 is a comprehensive document that provides a framework for reform in this area. It is focused on improving the management and administrative capacity, or the way of policy, organization of public administration, preparation and execution of budget, employment policies, staff training, monitoring and evaluation. The strategy identifies the criteria for joining the EU and harmonized with the obligations deriving from the Stabilization and Association Agreement, which entered into force on 1 May, 2010...


Interview of the Minister of Finance, Milorad Katnić, for Portal Analitika

Interview of the Minister of Finance, Milorad Katnić, for Portal Analitika

Interview of the Minister of Finance, Milorad Katnić, for Portal Analitika...


Press Release: Fiscal Data as of March 2011

As of March 2011, revenues of the Budget of Montenegro amount to EUR 90,73 million, exceeding the plan by 1,35% for the aforementioned month. Revenues increased by 3,1%, compared to March 2010. Although the revenues increased, the upward tax debt continues as a result of the economic illiquidity...


Press release: Montenegro Successful in Bonds Issue Worth 180 million EUR

This is the second bonds issue following a quite successful debut in September last year. Furthermore, this is the first transaction on the European bonds market at the beginning of the year in which a country with the credit rating bellow A is entering the marker, and its success is just a proof of increased credibility in the state, representing at the same time the justification of our estimates referring to the timing of entering into the market...


Announcement: Moody's changes outlook on Montenegro Ba3 rating to stable from negative, affirms rating

Announcement: Moody

Moody's Investors Service has today changed the outlook on Montenegro's Ba3 government bond ratings to stable from negative and has affirmed the rating at its current level. The outlooks on the Baa1 foreign currency bond ceiling and the B1 foreign currency deposit ceiling were also changed to stable from negative...


Interview of the Minister of Finance, Milorad Katnić, for Economist

Interview of the Minister of Finance, Milorad Katnić, for Economist

The role of the IMF changed significantly under the influence of the crisis, which in addition to the changes in the financial capital and voting powers distribution, resulted in launching of a “more resilient“ credit lines. In late September 2010, the IMF had introduced the Precautionary Credit Line (PCL), i.e. the precautionary line. During the IMF and the World Bank annual meetings held last year in Washington, the PCL was presented to Montenegro. However, the formal arrangement with the IMF was not subjected to discussions since our goal was to finance budgetary needs through the Eurobonds issue...


Study "Competitiveness of Montenegrin Economy"

Here you can download study "Competitiveness of Montenegrin Economy"...


Interview of the Minister of Finance, Milorad Katnic, for "Bankar"

Interview of the Minister of Finance, Milorad Katnic, for "Bankar"

The circles of so called debtors and creditors’ relationships have been created. One should be careful when considering the possibility of introducing multilateral compensation as an instrument. Credit growth is not only the consequence of the bank’s readiness to grant loans, but it arises also from the existence of sufficient level of credible and profitable projects. The cooperation between the banks and the Ministry of Finance has been very successful on an ongoing basis. Currently, we are under preparation of the new issue of Eurobonds which should be realised in the first half of the year. The arrangement with IMF through credit facility... Mental transition is the slowest one and the most difficult to achieve. We can speak about gradual recovery after recession – this scenario anticipates moderate recovery and growth of 2.5-4.0 percentages in period 2011-2013...


Press Release: Fiscal Data as of February 2011

As of February 2011, the current revenues of the Budget of Montenegro amounted to EUR 72,7 million, being bellow the planed ones by 8,1% for the aforementioned month. The current revenues declined by 4,4%, compared to February 2010, mainly as the result of the tax debt increase...


Press Release: Linklaters Selected as Legal Advisor, JP Morgan and HSBC as Joint Lead Managers of the Eurobond Issue

The Ministry of Finance has selected the legal advisor for the new Eurobond project issue, the Law Firm Linklaters London, a former legal adviser in the Eurobond issue project 2010, whereas two recognized banks JP Morgan and HSBC were selected as Joint Lead Managers...