Teams from Montenegro’s Ministry of Finance and Central Bank, led by Finance Minister Novica Vuković and Central Bank Governor Irena Radović, participated in the Annual Meetings of the World Bank and International Monetary Fund in Washington.
During a meeting with World Bank Vice President for Europe and Central Asia Antonella Bassani, Montenegro’s economic progress and key steps on its European path were discussed. Bassani praised Montenegro as a leading reformer in the region, noting the impressive progress in EU negotiations and the pace of development project implementation.
Minister Vuković highlighted Montenegro’s stable and modern economy, marked by fiscal discipline and strong international confidence. With over three percent annual growth, record-low inflation and unemployment, and a significant reduction in public debt, Montenegro is strengthening its regional position. Foreign investment is growing, key infrastructure projects are advancing with EU and international support, and the energy sector is opening new opportunities. Vuković emphasized that timely and visionary economic policies deliver tangible results and a secure future for citizens.
The delegation also discussed the TIPS Clone project, a central component of the “Modernization of Montenegro’s Financial Infrastructure and Alignment with SEPA Standards (TARGET Instant Payment Settlement Clone Plus)” program. Funded by the World Bank and implemented with technical support from the Bank of Italy, the project aims to provide efficient, EU-interoperable payment services in Montenegro for businesses and citizens starting July 2026.
Governor Radović noted that the project has already enabled Montenegro’s Central Bank and all commercial banks to integrate into the SEPA market as of 7 October 2025, fully connecting the country’s financial sector with European payment systems. The modernization of the payment system is expected to allow instant payments 24/7, reduce transaction costs, increase liquidity, foster fintech innovation, support cross-border digital services, and enhance Montenegro’s economic competitiveness. The TIPS Clone Plus project is projected to generate annual economic benefits of around €160 million, or 2.3 percent of GDP, and help reduce the income gap between Montenegro and the EU average by over 11 percentage points over the next decade.
Sava Laketić, Acting Director of the Tax Administration, stated that the completion of the RARP project by year-end provides a solid foundation for continued tax system reforms, positioning Montenegro as a leading and competitive system in the region.
The delegation also met with World Bank Executive Director Eugene Rhuggenaath, confirming strong support for further modernization of Montenegro’s financial system through projects implemented in partnership with the institution. Discussions highlighted achievements in SEPA integration, collaboration with the World Bank Advisory Center for the financial sector (FINSAC) on banking regulation and supervision, aligned with Eurosystem central bank processes.
Rhuggenaath described Montenegro as a “beacon for the region and small countries undertaking decisive reforms,” recognizing it as a model for good governance and a digital, green, EU-aligned financial transition.
The delegation also participated in a meeting with the Dutch-Belgian constituency of the World Bank and IMF, reviewing regional economic prospects and global macroeconomic trends. Focus was given to challenges such as rising uncertainty, slowing growth, inflationary pressures, and the need for continued structural reforms to strengthen resilience and sustainable growth in the region.
