Montenegro - Debt Sustainability Analysis

This report assesses Montenegro's public and external debt sustainability under alternative scenarios. The baseline scenario assumes continued implementation of a macroeconomic stabilization and structural reform program, while the low case sc...

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Main Author:	World Bank
Format:	Debt and Creditworthiness Study
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING AMORTIZATION ARREARS ASSET POSITION AUCTION BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK DEBT BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASELINE SCENARIO BASIS POINTS BOND BONDS BURDEN OF ADJUSTMENT CAPACITY CONSTRAINTS CAPITAL ACCOUNT CAPITAL INFLOWS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT GROWTH CREDITORS CREDITWORTHINESS CURRENCY CURRENCY COMPOSITION CURRENCY MISMATCHES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DATA COLLECTION DEBT DEBT BURDEN DEBT CRISES DEBT DATA DEBT DYNAMICS DEBT MANAGEMENT DEBT RATIO DEBT RATIOS DEBT RELIEF DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DISBURSEMENTS DOMESTIC DEBT DOMESTIC INVESTMENT ECONOMIC DEVELOPMENTS EDUCATION SERVICES EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXPENDITURE EXPENDITURE POLICIES EXPENDITURES EXPORT GROWTH EXTERNAL BALANCE EXTERNAL DEBT EXTERNAL DEBTS EXTERNAL INDEBTEDNESS FACE VALUE FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCING REQUIREMENTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICITS FISCAL POLICY FISCAL STANCE FIXED INTEREST FIXED INTEREST RATE FIXED INTEREST RATES FLOATING INTEREST RATE FLOATING RATE FOREIGN BORROWING FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING FOREIGN LOANS GLOBAL DEVELOPMENT FINANCE GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT REVENUE GOVERNMENT SPENDING GRACE PERIOD GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SECTOR HOLDING HUMAN RESOURCE IMPORT TARIFFS INCOME TAX INDEBTEDNESS INFLATION INFLATION RATE INSTITUTIONAL CAPACITY INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK LABOR MARKET LAND TITLE LENDER LENDER OF LAST RESORT LENDING DECISIONS LEVEL OF DEBT LIQUIDITY LIQUIDITY RATIOS LOAN LOCAL CURRENCY LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC DATA MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC PROJECTIONS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMIC VARIABLES MARKET ACCESS MARKET ENVIRONMENT MARKET INTEGRATION MATURITY MATURITY STRUCTURE MINISTRY OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL ACCOUNTS NATIONAL SAVING NATIONAL SAVINGS NET DEBT NET PRESENT VALUE OPEN ECONOMY OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION SYSTEM PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY REDUCTION PRIVATE CREDITORS PRIVATE DEBT PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SECTOR PRIVATE SECTOR DEBT PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC DEBTS PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECURRENT EXPENDITURE REFORM PROGRAM REMITTANCES REPAYMENT REPAYMENT PERIOD REPAYMENTS RESERVES RESOURCE CONSTRAINTS RETURN SECURITIES SHORT TERM DEBTS SHORT-TERM DEBT SOLVENCY STOCK ADJUSTMENTS STOCK MARKETS STRUCTURAL REFORM STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX RATES TRADE BALANCE TRANSACTION TRANSACTION COSTS TRANSFER PAYMENTS TRANSITION COUNTRIES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER VARIABLE INTEREST RATES WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2007/02/16277938/republic-montenegro-debt-sustainability-analysis http://hdl.handle.net/10986/12493

id	okr-10986-12493
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING AMORTIZATION ARREARS ASSET POSITION AUCTION BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK DEBT BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASELINE SCENARIO BASIS POINTS BOND BONDS BURDEN OF ADJUSTMENT CAPACITY CONSTRAINTS CAPITAL ACCOUNT CAPITAL INFLOWS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT GROWTH CREDITORS CREDITWORTHINESS CURRENCY CURRENCY COMPOSITION CURRENCY MISMATCHES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DATA COLLECTION DEBT DEBT BURDEN DEBT CRISES DEBT DATA DEBT DYNAMICS DEBT MANAGEMENT DEBT RATIO DEBT RATIOS DEBT RELIEF DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DISBURSEMENTS DOMESTIC DEBT DOMESTIC INVESTMENT ECONOMIC DEVELOPMENTS EDUCATION SERVICES EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXPENDITURE EXPENDITURE POLICIES EXPENDITURES EXPORT GROWTH EXTERNAL BALANCE EXTERNAL DEBT EXTERNAL DEBTS EXTERNAL INDEBTEDNESS FACE VALUE FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCING REQUIREMENTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICITS FISCAL POLICY FISCAL STANCE FIXED INTEREST FIXED INTEREST RATE FIXED INTEREST RATES FLOATING INTEREST RATE FLOATING RATE FOREIGN BORROWING FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING FOREIGN LOANS GLOBAL DEVELOPMENT FINANCE GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT REVENUE GOVERNMENT SPENDING GRACE PERIOD GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SECTOR HOLDING HUMAN RESOURCE IMPORT TARIFFS INCOME TAX INDEBTEDNESS INFLATION INFLATION RATE INSTITUTIONAL CAPACITY INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK LABOR MARKET LAND TITLE LENDER LENDER OF LAST RESORT LENDING DECISIONS LEVEL OF DEBT LIQUIDITY LIQUIDITY RATIOS LOAN LOCAL CURRENCY LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC DATA MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC PROJECTIONS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMIC VARIABLES MARKET ACCESS MARKET ENVIRONMENT MARKET INTEGRATION MATURITY MATURITY STRUCTURE MINISTRY OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL ACCOUNTS NATIONAL SAVING NATIONAL SAVINGS NET DEBT NET PRESENT VALUE OPEN ECONOMY OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION SYSTEM PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY REDUCTION PRIVATE CREDITORS PRIVATE DEBT PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SECTOR PRIVATE SECTOR DEBT PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC DEBTS PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECURRENT EXPENDITURE REFORM PROGRAM REMITTANCES REPAYMENT REPAYMENT PERIOD REPAYMENTS RESERVES RESOURCE CONSTRAINTS RETURN SECURITIES SHORT TERM DEBTS SHORT-TERM DEBT SOLVENCY STOCK ADJUSTMENTS STOCK MARKETS STRUCTURAL REFORM STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX RATES TRADE BALANCE TRANSACTION TRANSACTION COSTS TRANSFER PAYMENTS TRANSITION COUNTRIES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER VARIABLE INTEREST RATES WITHDRAWAL
spellingShingle	ACCOUNTING AMORTIZATION ARREARS ASSET POSITION AUCTION BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK DEBT BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASELINE SCENARIO BASIS POINTS BOND BONDS BURDEN OF ADJUSTMENT CAPACITY CONSTRAINTS CAPITAL ACCOUNT CAPITAL INFLOWS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT GROWTH CREDITORS CREDITWORTHINESS CURRENCY CURRENCY COMPOSITION CURRENCY MISMATCHES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DATA COLLECTION DEBT DEBT BURDEN DEBT CRISES DEBT DATA DEBT DYNAMICS DEBT MANAGEMENT DEBT RATIO DEBT RATIOS DEBT RELIEF DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DISBURSEMENTS DOMESTIC DEBT DOMESTIC INVESTMENT ECONOMIC DEVELOPMENTS EDUCATION SERVICES EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXPENDITURE EXPENDITURE POLICIES EXPENDITURES EXPORT GROWTH EXTERNAL BALANCE EXTERNAL DEBT EXTERNAL DEBTS EXTERNAL INDEBTEDNESS FACE VALUE FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCING REQUIREMENTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICITS FISCAL POLICY FISCAL STANCE FIXED INTEREST FIXED INTEREST RATE FIXED INTEREST RATES FLOATING INTEREST RATE FLOATING RATE FOREIGN BORROWING FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING FOREIGN LOANS GLOBAL DEVELOPMENT FINANCE GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT REVENUE GOVERNMENT SPENDING GRACE PERIOD GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SECTOR HOLDING HUMAN RESOURCE IMPORT TARIFFS INCOME TAX INDEBTEDNESS INFLATION INFLATION RATE INSTITUTIONAL CAPACITY INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK LABOR MARKET LAND TITLE LENDER LENDER OF LAST RESORT LENDING DECISIONS LEVEL OF DEBT LIQUIDITY LIQUIDITY RATIOS LOAN LOCAL CURRENCY LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC DATA MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC PROJECTIONS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMIC VARIABLES MARKET ACCESS MARKET ENVIRONMENT MARKET INTEGRATION MATURITY MATURITY STRUCTURE MINISTRY OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL ACCOUNTS NATIONAL SAVING NATIONAL SAVINGS NET DEBT NET PRESENT VALUE OPEN ECONOMY OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION SYSTEM PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY REDUCTION PRIVATE CREDITORS PRIVATE DEBT PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SECTOR PRIVATE SECTOR DEBT PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC DEBTS PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECURRENT EXPENDITURE REFORM PROGRAM REMITTANCES REPAYMENT REPAYMENT PERIOD REPAYMENTS RESERVES RESOURCE CONSTRAINTS RETURN SECURITIES SHORT TERM DEBTS SHORT-TERM DEBT SOLVENCY STOCK ADJUSTMENTS STOCK MARKETS STRUCTURAL REFORM STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX RATES TRADE BALANCE TRANSACTION TRANSACTION COSTS TRANSFER PAYMENTS TRANSITION COUNTRIES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER VARIABLE INTEREST RATES WITHDRAWAL World Bank Montenegro - Debt Sustainability Analysis
geographic_facet	Europe and Central Asia Montenegro
description	This report assesses Montenegro's public and external debt sustainability under alternative scenarios. The baseline scenario assumes continued implementation of a macroeconomic stabilization and structural reform program, while the low case scenario describes the alternative of a sluggish growth environment due to policy slippage/weak reform. In addition, other sensitivity tests are conducted in order to highlight the vulnerability of the baseline case to specific shocks. The report concludes that Montenegro's public debt would be highly sustainable if economic reforms continue at their current pace, and the 2007 fiscal policy is maintained over the coming years.
format	Economic & Sector Work :: Debt and Creditworthiness Study
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Montenegro - Debt Sustainability Analysis
title_short	Montenegro - Debt Sustainability Analysis
title_full	Montenegro - Debt Sustainability Analysis
title_fullStr	Montenegro - Debt Sustainability Analysis
title_full_unstemmed	Montenegro - Debt Sustainability Analysis
title_sort	montenegro - debt sustainability analysis
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2007/02/16277938/republic-montenegro-debt-sustainability-analysis http://hdl.handle.net/10986/12493
_version_	1764420003276259328
spelling	okr-10986-124932021-04-23T14:03:01Z Montenegro - Debt Sustainability Analysis World Bank ACCOUNTING AMORTIZATION ARREARS ASSET POSITION AUCTION BALANCE OF PAYMENTS BALANCE SHEETS BANK CREDIT BANK DEBT BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASELINE SCENARIO BASIS POINTS BOND BONDS BURDEN OF ADJUSTMENT CAPACITY CONSTRAINTS CAPITAL ACCOUNT CAPITAL INFLOWS CAPITALIZATION CENTRAL BANK COMMERCIAL BANKS CONTINGENT LIABILITIES CONTINGENT LIABILITY CREDIT GROWTH CREDITORS CREDITWORTHINESS CURRENCY CURRENCY COMPOSITION CURRENCY MISMATCHES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DATA COLLECTION DEBT DEBT BURDEN DEBT CRISES DEBT DATA DEBT DYNAMICS DEBT MANAGEMENT DEBT RATIO DEBT RATIOS DEBT RELIEF DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSITS DEVELOPMENT BANK DISBURSEMENT DISBURSEMENTS DOMESTIC DEBT DOMESTIC INVESTMENT ECONOMIC DEVELOPMENTS EDUCATION SERVICES EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXCHANGE RATES EXPENDITURE EXPENDITURE POLICIES EXPENDITURES EXPORT GROWTH EXTERNAL BALANCE EXTERNAL DEBT EXTERNAL DEBTS EXTERNAL INDEBTEDNESS FACE VALUE FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FINANCING REQUIREMENTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICITS FISCAL POLICY FISCAL STANCE FIXED INTEREST FIXED INTEREST RATE FIXED INTEREST RATES FLOATING INTEREST RATE FLOATING RATE FOREIGN BORROWING FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN FINANCING FOREIGN LOANS GLOBAL DEVELOPMENT FINANCE GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICIT GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT EXPENDITURE GOVERNMENT REVENUE GOVERNMENT SPENDING GRACE PERIOD GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SECTOR HOLDING HUMAN RESOURCE IMPORT TARIFFS INCOME TAX INDEBTEDNESS INFLATION INFLATION RATE INSTITUTIONAL CAPACITY INSURANCE INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVESTMENT BANK LABOR MARKET LAND TITLE LENDER LENDER OF LAST RESORT LENDING DECISIONS LEVEL OF DEBT LIQUIDITY LIQUIDITY RATIOS LOAN LOCAL CURRENCY LOCAL GOVERNMENT LOCAL GOVERNMENTS LONG-TERM DEBT MACROECONOMIC DATA MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICIES MACROECONOMIC PROJECTIONS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMIC VARIABLES MARKET ACCESS MARKET ENVIRONMENT MARKET INTEGRATION MATURITY MATURITY STRUCTURE MINISTRY OF FINANCE MONETARY FUND MONETARY POLICY NATIONAL ACCOUNTS NATIONAL SAVING NATIONAL SAVINGS NET DEBT NET PRESENT VALUE OPEN ECONOMY OUTSTANDING PUBLIC DEBT PENSION PENSION FUND PENSION SYSTEM PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY REDUCTION PRIVATE CREDITORS PRIVATE DEBT PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE SECTOR PRIVATE SECTOR DEBT PRIVATE SECTOR INVESTMENT PROPERTY RIGHTS PROPERTY RIGHTS PROTECTION PRUDENTIAL SUPERVISION PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC DEBTS PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RECURRENT EXPENDITURE REFORM PROGRAM REMITTANCES REPAYMENT REPAYMENT PERIOD REPAYMENTS RESERVES RESOURCE CONSTRAINTS RETURN SECURITIES SHORT TERM DEBTS SHORT-TERM DEBT SOLVENCY STOCK ADJUSTMENTS STOCK MARKETS STRUCTURAL REFORM STRUCTURAL REFORMS SUSTAINABILITY ANALYSIS SUSTAINABLE FISCAL POLICY TAX RATES TRADE BALANCE TRANSACTION TRANSACTION COSTS TRANSFER PAYMENTS TRANSITION COUNTRIES TRANSPARENCY TREASURY TREASURY BILLS TURNOVER VARIABLE INTEREST RATES WITHDRAWAL This report assesses Montenegro's public and external debt sustainability under alternative scenarios. The baseline scenario assumes continued implementation of a macroeconomic stabilization and structural reform program, while the low case scenario describes the alternative of a sluggish growth environment due to policy slippage/weak reform. In addition, other sensitivity tests are conducted in order to highlight the vulnerability of the baseline case to specific shocks. The report concludes that Montenegro's public debt would be highly sustainable if economic reforms continue at their current pace, and the 2007 fiscal policy is maintained over the coming years. 2013-02-25T19:56:32Z 2013-02-25T19:56:32Z 2007-02 http://documents.worldbank.org/curated/en/2007/02/16277938/republic-montenegro-debt-sustainability-analysis http://hdl.handle.net/10986/12493 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Debt and Creditworthiness Study Economic & Sector Work Europe and Central Asia Montenegro

Montenegro - Debt Sustainability Analysis

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