World Bank2013-03-252013-03-252009-07https://hdl.handle.net/10986/12887The 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.en-USCC BY 3.0 IGOACCOUNTINGAGGREGATE EXPENDITUREAGGREGATE FISCALAGGREGATE REVENUEALLOCATION OF FUNDSANNUAL BUDGETANNUAL BUDGET FORMULATIONANNUAL BUDGET PROCESSANNUAL BUDGETSANNUAL FINANCIAL STATEMENTSARTICLEASSESSMENT PROCESSAUDITORSAUTOMATIC STABILIZERSBENEFICIARIESBUDGET CIRCULARBUDGET CLASSIFICATIONBUDGET COMPREHENSIVENESSBUDGET CREDIBILITYBUDGET CYCLEBUDGET DEFICITSBUDGET DEPARTMENTBUDGET DOCUMENTATIONBUDGET ESTIMATESBUDGET EXECUTIONBUDGET FORMULATIONBUDGET FORMULATION PROCESSBUDGET INFORMATIONBUDGET LAWBUDGET MANAGEMENTBUDGET OUTCOMESBUDGET OUTTURNBUDGET PREPARATIONBUDGET PROPOSALBUDGET REQUESTSBUDGET STATEMENTBUDGET SUPPORTBUDGET SURPLUSBUDGET SYSTEMBUDGET YEARBUDGETARY ALLOCATIONSBUDGETARY FUNDBUDGETARY OUTCOMESCAPACITY CONSTRAINTSCAPITAL BUDGETCAPITAL BUDGETINGCAPITAL EXPENDITURESCAPITAL INFLOWSCAPITAL PROJECTSCASH BALANCESCENTRAL BANKCENTRAL GOVERNMENTCENTRAL GOVERNMENT BUDGETCENTRAL GOVERNMENT EXPENDITURECIVIL SERVANTSCOMMERCIAL BANKSCOMPETITIVE PROCUREMENTCONTINGENT LIABILITIESCREDIT GROWTHDATA COLLECTIONDEBTDEBT MANAGEMENTDEFENSE EXPENDITURESDIAGNOSTIC WORKDOMESTIC CREDITDOMESTIC DEBTDOMESTIC DEMANDDOMESTIC REVENUEDONOR ASSISTANCEECONOMIC CLASSIFICATIONECONOMIC GROWTHEFFICIENCY OF GOVERNMENT PROGRAMSEXPENDITURE ALLOCATIONSEXPENDITURE POLICYEXPENDITURESEXTERNAL AUDITEXTERNAL DEBTEXTRA BUDGETARY FUNDSFINANCE MINISTRYFINANCIAL ACCOUNTABILITYFINANCIAL ASSISTANCEFINANCIAL CONTROLFINANCIAL CRISISFINANCIAL INFORMATIONFINANCIAL STATISTICSFISCAL BALANCEFISCAL DATAFISCAL DEFICITSFISCAL DISCIPLINEFISCAL FRAMEWORKFISCAL INFORMATIONFISCAL MANAGEMENTFISCAL PERFORMANCEFISCAL POLICYFISCAL PROGRAMFISCAL REVENUEFISCAL RISKFISCAL RISKSFISCAL SIDEFISCAL STATISTICSFISCAL SUSTAINABILITYFOREIGN BORROWINGFOREIGN DEBTFOREIGN EXCHANGEFOREIGN FINANCINGFOREIGN INVESTMENTFOREIGN INVESTMENTSGOVERNMENT FINANCEGOVERNMENT POLICYGOVERNMENT PRIORITIESGOVERNMENT REVENUESGOVERNMENTAL FISCAL RELATIONSGROSS DOMESTIC PRODUCTHEALTH CAREHEALTH SECTORINFLATIONINFLATION RATESINFRASTRUCTURE PROJECTSINTERGOVERNMENTAL FISCAL RELATIONSINTERNAL AUDITINTERNAL AUDIT FUNCTIONINTERNAL CONTROLINTERNAL CONTROLSLEGISLATIVE SCRUTINYMACROECONOMIC MANAGEMENTMACROECONOMIC STABILITYMINISTRY OF CULTUREMINISTRY OF FINANCEMUNICIPALITIESNET LENDINGOPERATIONAL EFFICIENCYORGANIC] BUDGET LAWORGANIZATIONAL STRUCTUREPAYMENT SYSTEMPERFORMANCE INDICATORPERFORMANCE INDICATORSPERFORMANCE MEASUREMENTPERFORMANCE REPORTSPERSONAL INCOMEPERSONAL INCOME TAXPERSONAL INCOME TAX RATEPRIVATE SECTORPROCUREMENT DATAPROGRAM BUDGETINGPROGRAM STRUCTUREPUBLIC ADMINISTRATIONPUBLIC ASSETSPUBLIC COMPANIESPUBLIC DEBTPUBLIC EMPLOYEESPUBLIC ENTERPRISEPUBLIC ENTERPRISESPUBLIC EXPENDITUREPUBLIC EXPENDITURESPUBLIC FINANCEPUBLIC FINANCIAL MANAGEMENTPUBLIC INFRASTRUCTUREPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC PROCUREMENTPUBLIC SECTORPUBLIC SECTOR ACCOUNTINGPUBLIC SERVICEPUBLIC SERVICE PROVIDERSPUBLIC SERVICESPUBLIC UTILITIESQUALITY CONTROLQUALITY CONTROL REVIEWSRECURRENT EXPENDITUREREFORM AGENDAREFORM EFFORTSREFORM PROCESSREFORM PROGRAMREFORM STRATEGIESSECTOR POLICIESSELF-ASSESSMENTSERVICE DELIVERYSOCIAL CONTRIBUTIONSSOCIAL FUNDSSOCIAL PROTECTIONSOCIAL WELFARESTATE BUDGETSTATED OBJECTIVESSTRATEGIC ALLOCATIONSTRATEGIC ALLOCATION OF RESOURCESSTRUCTURAL REFORMSSUPREME AUDIT INSTITUTIONSUPREME AUDIT INSTITUTIONSTAX ADMINISTRATIONTAX BASETAX COLLECTIONSTAX CUTSTAX PAYMENTSTAX RATESTAX REVENUESTAX SYSTEMTOTAL EXPENDITURESTRANSPARENCYWorld Bank10.1596/12887