World Bank2025-11-202025-11-202025-11-15https://hdl.handle.net/10986/44006The objective of this Integrated SOE Framework Assessment (iSOEF) is to inform the Government of Montenegro (GoM) on the performance and impacts of its state-owned enterprises (SOE) and municipally owned enterprises (MOEs) portfolios on the economy and to provide recommendations for reform. This report provides the first application of the World Bank Group’s comprehensive iSOEF methodology (World Bank Group 2024a) to Montenegro. It reviews the entire known portfolio of SOEs and MOEs, giving a “360” view of both the challenges and opportunities facing the companies from a financial and non-financial performance, fiscal, market competition, and corporate governance perspectives. Data gaps in several areas necessitated extensive data collection efforts, including through special data requests, interviews, and an original survey of companies.en-USCC BY 3.0 IGOINTEGRATED STATE OWNED ENTERPRISES FRAMEWORK (ISOEF)INTEGRATED STATE OWNED ENTERPRISES (ISOE)STATE-OWNED ENTERPRISES (SOE)GOVERNMENT AND BUSINESSSTRONG INSTITUTIONSINDUSTRYReportWorld Bank10.1596/44006