Podgorica – Montenegro yesterday on a ceremony held in Washington has become 185th member of the IMF and the group of World Bank, with which it encircled the integration into the international economic system.
In the Central Bank of Montenegro it is seen as a “historical event”. Montenegro has lost membership in IMF and WB last year after the separation of the State union, because the Serbia was the heir. The statute of the IMF was signed by the president of the Counsel of Central Bank Ljubisa Krgovic, who will be the governor of Montenegro in that organization. After that, minister of finances Igor Luksic signed a document of approaching to the group of the World Bank.
The membership in those organization is seen as a historical event with positive effects, which opens the doors towards the cheap credits for development and fight against poverty, which provides the investors with reliable information about the economy and the risk of investment, and we are also expecting the increase f the credit rating (the ability of the country to pay its debt in time), and maybe even the decrease of inflation rates. IMF will be a free of charge consultant for the Government, and it will also be able to use IMF as an excuse for conducting of unpopular incisions especially in the social sphere.
Some analytics, still, remind at the failures of the policies which those institutions conducted and they do not recommend blind listening of their instructions.
In CBM they are expecting that the membership in IMF will raise the credibility in international circles and will open the door of the new strategic investments.
Successful fulfillment of the future programs for sure will significantly contribute the growth of the social products, and by that to the growth of the standard of loving. It is especially important that we, by fulfilling the dealt programs, will be able to promote our financial and economic system – said Krgovic.
Luksic noted that the cooperation with those institutions will contribute, among other things, to the fact that “Montenegro will be recognized in the world as a state which runs its politics, and which in a middle or long term period has to improve, with successful realization, he standard of living of its citizens”.
For Predrag Mitrovic, the president of the Union of employers, membership in those institutions is a great event for Montenegro, and for the employers a great news.
– With the membership in IMF Montenegro will be in a much better position. We are hoping that this year that will be felt in the enhancement of the business ambience – said Mitorvic for “Vijesti”.
The executive director of Montenegro business alliance Darko Konjevic, sees the opportunity for enhancement of the credit rating of Montenegro and the increase of the economic liberties.
– We will much easier enter in direct negotiations with those organizations about financing, for example, some infrastructural or reform projects – he expects.
Milijana Gregovic, director of Commercial Bank AD Budva, thinks that it is an extremely great thing for the future.
– This is a positive moment for Montenegro as a state which enters into a dynamic period of development. With the membership the doors are being opened for the approach to other financial institutions which are important for the future of Montenegro, and its development as well as for the businesses of the bank – said she.
Commercial director of Opportunity Bank, Aleksa Lukic, hopes that the membership will improve the credit rating, and that with that the rates on money which business banks draw from abroad will become lower.
Economic analytic Predrag Drecun, said that the membership is good for credit rating, but that the countries which didn’t obey IMF developed even more successfully, because that institution is a “heartless bureaucratic organization”, which doesn’t take care about the characteristics of a certain state.
Slovenia is one of the countries which didn’t always obey IMF, which didn’t distract it to successfully go through the period of transition.
Slovenian professor Franjo Stiblar, who is a member of the Counsel of Montenegrin Central Bank, marks that Montenegro will have to fulfill the demands of IMF with a greater zeal than it was the case with Slovenia, because of the degree of development. He said that Montenegro will get a lot of useful advices, but it should not follow them blindly.
Drecun states the case of Ethiopia which was not able to include in its budget the donation of Swedish Government with which one school was supposed to be made.
D.M.C – M.M.
IMF IS OPENING THE OFFICE IN PODGORICA
The executive director of IMF, Rodrigo de Rato after the ceremony of joining of Montenegro in IMF, pointed out the “dedication of IMF to the new member, as well as to all members of this institution in promotion of their interests which include stabile and growing world economy”.
The permanent representative of IMF in Montenegro, Herald Hishofer said that IMF next week will officially open the office in Podgorica.
– I believe that this is the quickest time period in which the process of acceptance in the membership of IMF was ended. I am looking forwards to continuation of close cooperation with Montenegro – said Hishofer.
From the World Bank it is said that that institution will continue to financially aid Montenegro, and that it will also continue to enhance the investments in private sector.
– The focus of the strategy, for which it is expected that it will be finished in the middle of 2007, will most probably be on the support of Montenegro to become a member of EU, to promote development and to open new working places through investments in tourist infrastructure and other priority infrastructural projects and giving support to Government in their strivings to strengthen and direct services in the area of health and education – it was said in the announcement.
It was said that ICF will aid the improvement of the business ambience, and that MIGA will give guarantees to foreign investor in order to protect them from the risk of transfer, expropriation, violation of contract, from war, civil disorders, and terrorism.