Montenegro: 2013 Article IV Consultation

August 28, 2013

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Montenegro: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed November 23, 2024

Summary

This 2013 Article IV Consultation highlights that Montenegro’s recovery from the collapse of the lending boom in 2008 has been slowed by the debt overhang that remains in the private sector. Output contracted in 2012 because of unusually severe winter weather early in the year, as well as a sharp decline in aluminum production as the financial position of the troubled aluminum company (KAP) continued to worsen. Activity picked up in early 2013 as more favorable weather conditions resulted in a sharp increase in hydro-based electricity production. A sustained, multi-year fiscal consolidation effort is needed to reduce the public debt burden to an appropriately low level in the medium term.

Subject: Banking, Credit, Economic and financial statistics, Economic sectors, External debt, External sector statistics, Money, Public debt, Tourism

Keywords: CR, Credit, Current account, Debt, Debt accumulation, External sector statistics, Financial asset, Global, ISCR, Labor market, Lending boom, Montenegro, Private sector balance sheets, Sluggish private sector demand, Tourism

Publication Details

Pages:

60
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/271
Stock No:

1MNEEA2013001
ISBN:

9781484392249
ISSN:

1934-7685

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