Podgorica – The entrance of Montenegro in the International currency fund will instill additional safety to foreign investors, it is considered in the Central bank.
Truth, as a full right member we will also have the right of making decisions in ICF, but having in mind the small participation in the total quota, the influence of Montenegro on bringing of some decisions will be minor. Montenegro on the 18th of January will become 185th member of ICF, when Montenegrin Government will sign officially the regulations of the Concordance in Washington.
In that way it will join the institution which has the financial base of about 317 billions of dollars.
The head economist of the Central bank, Nikola Fabris said that the membership of Montenegro in ICF is significant from several aspects.
-Even though Montenegro at the moment does not need credits of ICF, there is an open possibility that in case of some potential disorder Montenegro can provide a credit support with which it can “overcome” the possible crisis. The membership in ICF is the condition for the membership in the World Bank – explained Farbis. He pointed out that without the membership in ICF the continuation of giving credits for numerous projects, which were realized or started in Montenegro by the World Bank, would not be possible.
-The membership in the ICF is significant also for the attraction of foreign direct investments. Among other things, foreign investors before making the decision where they will invest, usually check what is the opinion of ICF about the economic situation in certain country, that is, whether that country is risky for foreign investments and whether it has good policy – said Fabris.
According to his opinion, the lack of membership in ICF can lead to lower credibility of country, because then exists the doubt in regularity of economic policy or a doubt that some illegal or half legal activities are being conveyed, which would be easily identified in the case of a visit of a mission of ICF.
-The experts of ICF provide the countries which are members of ICF a free of charge technical aid, they organize expert courses, give recommendations for leading of economic policy and they are conducting analysis of financial system – added Fabris.
Montenegro is for the first time joining individually in the ICF and the World Bank, because the membership of the former state union, according to its Constitutional charter, was inherited by Serbia.
Montenegro from now on, as every member of ICF, will be able to apply for financial aid, and ICF will conduct a yearly “health examination” of Montenegrin economic measures and will estimate the Government’s economic policy.