Montenegro - Debt Sustainability Analysis

World Bank

Montenegro - Debt Sustainability Analysis

2007

World Bank

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.

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AGROVOC Keywords

accounting balance of payments balance sheets bankruptcy commercial banks data collection debt exchange rate expenditure external debt financial market gross domestic product growth rate income tax indebtedness inflation insurance interest rates international bank liquidity local government market access maturity pension pensions poverty reduction private debt private investment private sector property rights public debt public enterprises public expenditure public investment public sector remittances repayment transaction costs

Bibliographic information

Publisher

Washington, DC

Other Subjects

Lender; Fixed interest; Macroeconomic stability; Exchange rates; Foreign borrowing; Import tariffs; Short term debts; Solvency; Currency composition; Macroeconomic projections; Currency mismatches; Macroeconomic stabilization; National saving; Labor market; Financial services; Local governments; Monetary policy; Currency; Interest rate; Real interest; Fiscal stance; Government budget deficit; Debt stock; Government expenditure; Capital inflows; National accounts; Recurrent expenditure; Reserves; Bank credit; Burden of adjustment; Debt service; Loan; Fixed interest rate; Public sector deficit; Short-term debt; Fiscal policy; Creditors; External debts; Trade balance; Transfer payments; Personal income; Net debt; Withdrawal; Debt dynamics; Pension fund; Ministry of finance; Real interest rates; Resource constraints; Arrears; Development bank; Economic developments; Banking sector; Government deficit; Inflation rate; Financing requirements; Net present value; Treasury; Floating rate; Fiscal adjustment; Macroeconomic policies; Debt ratio; Asset position; Government revenue; Lender of last resort; Long-term debt; Open economy; Liquidity ratios; Reform program; Expenditure policies; Foreign exchange; Face value; Capital account; Turnover; Fixed interest rates; Macroeconomic data; Foreign exchange reserves; Securities; Credit growth; Property rights protection; Private investments; Public sector debt; Expenditures; Public infrastructure; Foreign financing; Deposits; Debt relief; Land title; Private creditors; Holding; Local currency; Bonds; Basis points; Global development finance; Tax rates; Amortization; Bond; Debt burden; Debt management; Repayments; Central bank; Return; Monetary fund; Structural reform; Interest payments; Bank debt; Macroeconomic environment; Market environment; Investment bank; Domestic debt; Maturity structure; Real exchange rate; Capitalization; Debt crises; Variable interest rates; Debt ratios; Sustainable fiscal policy; International standards; International development; External indebtedness; Prudential supervision; Government debt; Lending decisions; Financial sector; Government spending; Health sector; Domestic investment; Market integration; Grace period; Stock markets; Foreign debt; Private sector investment; Banking system; Auction; Debt sustainability; Stock adjustments; Fiscal balance; Level of debt; Macroeconomic variables; External balance; Disbursements; Pension system; Treasury bills; Repayment period; Human resource; Foreign currency; Transaction; Baseline scenario; Capacity constraints; Private sector debt; Sustainability analysis; Debt data; Export growth; Current account deficit; Transparency; Debts; Current account deficits; Foreign direct investment; Contingent liability; Real interest rate; Disbursement; Structural reforms; Financial system; Floating interest rate; Contingent liabilities; Foreign loans; Public debts; Outstanding public debt; Public sector borrowing; Transition countries; Fiscal deficits; Creditworthiness; Exchange rate movements; Public expenditures; Personal income tax; Institutional capacity; Government budget; National savings; Education services; Fiscal consolidation; Equity investment; Public debt stock

Language

English

Format

application/pdf, text/plain

License

CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo/, World Bank

In AGRIS since: 2024-10-18

Modification date: 2025-05-23

Format: Dublin Core

Data Provider

This bibliographic record has been provided by World Bank

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