Montenegro : Public Expenditure and Financial Accountability Assessment

The purpose of the assessment is to provide the Montenegrin authorities with an internationally-recognized benchmark evaluation of the performance of the Montenegrin Public Financial Management (PFM) systems in order that they may thereafter consid...

Full description

Bibliographic Details
Main Author:	World Bank
Format:	Integrated Fiduciary Assessment
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING AGGREGATE EXPENDITURE AGGREGATE FISCAL AGGREGATE REVENUE ALLOCATION OF FUNDS ANNUAL BUDGET ANNUAL BUDGET FORMULATION ANNUAL BUDGET PROCESS ANNUAL BUDGETS ANNUAL FINANCIAL STATEMENTS ARTICLE ASSESSMENT PROCESS AUDITORS AUTOMATIC STABILIZERS BENEFICIARIES BUDGET CIRCULAR BUDGET CLASSIFICATION BUDGET COMPREHENSIVENESS BUDGET CREDIBILITY BUDGET CYCLE BUDGET DEFICITS BUDGET DEPARTMENT BUDGET DOCUMENTATION BUDGET ESTIMATES BUDGET EXECUTION BUDGET FORMULATION BUDGET FORMULATION PROCESS BUDGET INFORMATION BUDGET LAW BUDGET MANAGEMENT BUDGET OUTCOMES BUDGET OUTTURN BUDGET PREPARATION BUDGET PROPOSAL BUDGET REQUESTS BUDGET STATEMENT BUDGET SUPPORT BUDGET SURPLUS BUDGET SYSTEM BUDGET YEAR BUDGETARY ALLOCATIONS BUDGETARY FUND BUDGETARY OUTCOMES CAPACITY CONSTRAINTS CAPITAL BUDGET CAPITAL BUDGETING CAPITAL EXPENDITURES CAPITAL INFLOWS CAPITAL PROJECTS CASH BALANCES CENTRAL BANK CENTRAL GOVERNMENT CENTRAL GOVERNMENT BUDGET CENTRAL GOVERNMENT EXPENDITURE CIVIL SERVANTS COMMERCIAL BANKS COMPETITIVE PROCUREMENT CONTINGENT LIABILITIES CREDIT GROWTH DATA COLLECTION DEBT DEBT MANAGEMENT DEFENSE EXPENDITURES DIAGNOSTIC WORK DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC DEMAND DOMESTIC REVENUE DONOR ASSISTANCE ECONOMIC CLASSIFICATION ECONOMIC GROWTH EFFICIENCY OF GOVERNMENT PROGRAMS EXPENDITURE ALLOCATIONS EXPENDITURE POLICY EXPENDITURES EXTERNAL AUDIT EXTERNAL DEBT EXTRA BUDGETARY FUNDS FINANCE MINISTRY FINANCIAL ACCOUNTABILITY FINANCIAL ASSISTANCE FINANCIAL CONTROL FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL STATISTICS FISCAL BALANCE FISCAL DATA FISCAL DEFICITS FISCAL DISCIPLINE FISCAL FRAMEWORK FISCAL INFORMATION FISCAL MANAGEMENT FISCAL PERFORMANCE FISCAL POLICY FISCAL PROGRAM FISCAL REVENUE FISCAL RISK FISCAL RISKS FISCAL SIDE FISCAL STATISTICS FISCAL SUSTAINABILITY FOREIGN BORROWING FOREIGN DEBT FOREIGN EXCHANGE FOREIGN FINANCING FOREIGN INVESTMENT FOREIGN INVESTMENTS GOVERNMENT FINANCE GOVERNMENT POLICY GOVERNMENT PRIORITIES GOVERNMENT REVENUES GOVERNMENTAL FISCAL RELATIONS GROSS DOMESTIC PRODUCT HEALTH CARE HEALTH SECTOR INFLATION INFLATION RATES INFRASTRUCTURE PROJECTS INTERGOVERNMENTAL FISCAL RELATIONS INTERNAL AUDIT INTERNAL AUDIT FUNCTION INTERNAL CONTROL INTERNAL CONTROLS LEGISLATIVE SCRUTINY MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MINISTRY OF CULTURE MINISTRY OF FINANCE MUNICIPALITIES NET LENDING OPERATIONAL EFFICIENCY ORGANIC] BUDGET LAW ORGANIZATIONAL STRUCTURE PAYMENT SYSTEM PERFORMANCE INDICATOR PERFORMANCE INDICATORS PERFORMANCE MEASUREMENT PERFORMANCE REPORTS PERSONAL INCOME PERSONAL INCOME TAX PERSONAL INCOME TAX RATE PRIVATE SECTOR PROCUREMENT DATA PROGRAM BUDGETING PROGRAM STRUCTURE PUBLIC ADMINISTRATION PUBLIC ASSETS PUBLIC COMPANIES PUBLIC DEBT PUBLIC EMPLOYEES PUBLIC ENTERPRISE PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC FINANCIAL MANAGEMENT PUBLIC INFRASTRUCTURE PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SECTOR ACCOUNTING PUBLIC SERVICE PUBLIC SERVICE PROVIDERS PUBLIC SERVICES PUBLIC UTILITIES QUALITY CONTROL QUALITY CONTROL REVIEWS RECURRENT EXPENDITURE REFORM AGENDA REFORM EFFORTS REFORM PROCESS REFORM PROGRAM REFORM STRATEGIES SECTOR POLICIES SELF-ASSESSMENT SERVICE DELIVERY SOCIAL CONTRIBUTIONS SOCIAL FUNDS SOCIAL PROTECTION SOCIAL WELFARE STATE BUDGET STATED OBJECTIVES STRATEGIC ALLOCATION STRATEGIC ALLOCATION OF RESOURCES STRUCTURAL REFORMS SUPREME AUDIT INSTITUTION SUPREME AUDIT INSTITUTIONS TAX ADMINISTRATION TAX BASE TAX COLLECTIONS TAX CUTS TAX PAYMENTS TAX RATES TAX REVENUES TAX SYSTEM TOTAL EXPENDITURES TRANSPARENCY
Online Access:	http://documents.worldbank.org/curated/en/2009/07/16373951/montenegro-public-expenditure-financial-accountability-assessment http://hdl.handle.net/10986/12887

Description
Summary:	The purpose of the assessment is to provide the Montenegrin authorities with an internationally-recognized benchmark evaluation of the performance of the Montenegrin Public Financial Management (PFM) systems in order that they may thereafter consider the systems' strengths and weaknesses and develop strategies to strengthen them. The assessment comes at a critical juncture. After double-digit growth in 2007, economic growth has slowed considerably. On the fiscal side, the boom contributed to fiscal surpluses which cannot be sustained in the current economic climate and additional challenges in fiscal management have emerged. The potential to contain recurrent expenditure and implement institutional reforms on the integration path will require increasing efficiency in public administration. The management of the surge in tax and other revenues represented a special challenge for the government particularly given the significant revenues realized from the-one-off foreign investment in privatized state-owned enterprises. The level of public debt, which had steadily decreased over the past few years will be more difficult to contain, particularly in view of the highly pro-cyclical nature of economic policies. The PEFA assessment focuses primarily on the national level of a country's PFM system. PFM improvements now under consideration could contribute substantially in responding to those challenges.

Montenegro : Public Expenditure and Financial Accountability Assessment

Similar Items