Montenegro’s Minister of Finance, Novica Vuković, participated in the annual meeting of the Belgian-Dutch Constituency of the International Monetary Fund (IMF) and World Bank, which brings together fiscal and monetary policy representatives from 18 countries in Europe and beyond.
In his address, Minister Vuković highlighted Montenegro’s economic and fiscal developments, noting a real GDP growth of 3% in 2024 and 2.5% in the first quarter of 2025, surpassing the EU and Eurozone averages. He emphasized strong growth driven by private consumption, investments, and foreign direct investments. Vuković also pointed to reforms that significantly increased wages, reduced unemployment to a record low of 9.91%, and raised pensions. Inflation remains under control, while fiscal policy has delivered results, reducing public debt to 56.2% of GDP and narrowing the budget deficit to 0.5%.
He underscored Montenegro’s milestone achievement in closing Chapter 5 – Public Procurement negotiations, reinforcing the country’s commitment to EU integration. Vuković also noted the Ministry of Finance’s receipt of the Bloomberg Philanthropies international award for excellence in tobacco taxation policy.
During a meeting with Gert-Jan Koopman, Director-General of the European Commission’s Directorate-General for Enlargement and Neighbourhood Policy, Vuković expressed gratitude for the EU’s ongoing support and highlighted the Ministry’s deep involvement in both chapter negotiations and broader economic reforms.
The Belgian-Dutch Constituency exemplifies European and international cooperation between developed and developing economies focused on global stability. Besides Montenegro, members include Armenia, Bulgaria, Belgium, Cyprus, Georgia, Croatia, Israel, Luxembourg, North Macedonia, Moldova, Bosnia and Herzegovina, Ukraine, the Netherlands, Romania, and Andorra.
