EU hopeful Montenegro joins IMF, World Bank

WASHINGTON – Montenegro on Thursday became the 185th member of the International Monetary Fund and World Bank, a move expected to help the former Yugoslav region in its bid for EU membership.

Signing ceremonies were held in Washington and attended by Ljubisa Krgovic, president of the Council of the Central Bank of Montenegro and the Finance Minister Igor Luksic. “Today’s events marking Montenegro’s membership in the IMF and World Bank represent another decisive step in the process of nation building,” said IMF managing director Rodrigo Rato.”Montenegro is claiming its place as a respected member of the global community of nations, and it is demonstrating its commitment to meet the responsibilities and reap the benefits of international cooperation.”Montenegro’s quota, or stake in the IMF, was set at US$41,2 million out of a total of US$325 billion of the 185 members.Montenegro formally celebrated its independence last July following a referendum that voted to break from long-time partner Serbia, despite reluctance from Belgrade.The World Bank said it is developing a new four-year strategy for Montenegro to help shore up public finances and to encourage private sector investments.”The strategy, which is expect to be completed by mid-2007, is likely to focus on supporting Montenegro on the path toward European Union membership; promoting growth and jobs through investments in environmentally sustainable tourism infrastructure, along with other high priority infrastructure needs; and supporting government efforts to strengthen and streamline social services such as health and education,” the Bank said.Nampa-AFP”Today’s events marking Montenegro’s membership in the IMF and World Bank represent another decisive step in the process of nation building,” said IMF managing director Rodrigo Rato.”Montenegro is claiming its place as a respected member of the global community of nations, and it is demonstrating its commitment to meet the responsibilities and reap the benefits of international cooperation.”Montenegro’s quota, or stake in the IMF, was set at US$41,2 million out of a total of US$325 billion of the 185 members.Montenegro formally celebrated its independence last July following a referendum that voted to break from long-time partner Serbia, despite reluctance from Belgrade.The World Bank said it is developing a new four-year strategy for Montenegro to help shore up public finances and to encourage private sector investments.”The strategy, which is expect to be completed by mid-2007, is likely to focus on supporting Montenegro on the path toward European Union membership; promoting growth and jobs through investments in environmentally sustainable tourism infrastructure, along with other high priority infrastructure needs; and supporting government efforts to strengthen and streamline social services such as health and education,” the Bank said.Nampa-AFP