Publication: Montenegro : Public Expenditure and Financial Accountability Assessment
Date
2009-07
ISSN
Published
2009-07
Author(s)
World Bank
Abstract
The purpose of the assessment is to
provide the Montenegrin authorities with an
internationally-recognized benchmark evaluation of the
performance of the Montenegrin Public Financial Management
(PFM) systems in order that they may thereafter consider the
systems' strengths and weaknesses and develop
strategies to strengthen them. The assessment comes at a
critical juncture. After double-digit growth in 2007,
economic growth has slowed considerably. On the fiscal side,
the boom contributed to fiscal surpluses which cannot be
sustained in the current economic climate and additional
challenges in fiscal management have emerged. The potential
to contain recurrent expenditure and implement institutional
reforms on the integration path will require increasing
efficiency in public administration. The management of the
surge in tax and other revenues represented a special
challenge for the government particularly given the
significant revenues realized from the-one-off foreign
investment in privatized state-owned enterprises. The level
of public debt, which had steadily decreased over the past
few years will be more difficult to contain, particularly in
view of the highly pro-cyclical nature of economic policies.
The PEFA assessment focuses primarily on the national level
of a country's PFM system. PFM improvements now under
consideration could contribute substantially in responding
to those challenges.
Citation
“World Bank. 2009. Montenegro : Public Expenditure and Financial Accountability Assessment. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/115ff9df-f376-5d9d-8996-99e02760ec67 License: CC BY 3.0 IGO.”