Montenegro After the Crisis : Towards a Smaller and More Efficient Government

Recognizing the important progress with structural reforms so far, on October 12, 2011, the European Commission recommended the opening of formal membership negotiations for Montenegro. Further, in December 2011, Montenegro was granted the membersh...

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Bibliographic Details
Main Author:	World Bank
Format:	Public Expenditure Review
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO BANK ACCESS TO CAPITAL ACCOUNTING AMORTIZATION ARREARS ARREARS ACCUMULATION ASSET PRICES ASSET VALUES AVAILABILITY OF BANK FINANCING BALANCE SHEETS BALANCE-OF-PAYMENT CRISIS BANK ASSETS BANK DEPOSITS BANKING SECTOR BANKRUPTCY BANKRUPTCY PROCEDURES BASIS POINTS BENEFICIARIES BOND RATINGS BOOM-BUST CYCLE BUDGET DEFICIT BUDGETARY DEFICITS BUDGETARY ITEMS BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL INFLOWS CAPITALIZATION CASH TRANSFERS CATEGORIES OF EXPENDITURE CENTRAL BANK CIVIL SERVANTS COMMERCIAL BANKS CONTRACT ENFORCEMENT CREDIT EXPANSION CREDIT GROWTH CREDIT MARKETS CREDIT RATING CREDIT RATING AGENCIES CREDIT RATING AGENCY CREDIT-RATING AGENCIES CREDIT-RATING AGENCY CREDITORS CREDITWORTHINESS CURRENCY CURRENCY DEPRECIATION DEBT CRISIS DEBT POLICIES DEBT REPAYMENT DEFAULT RISK DEPOSIT DIRECT INVESTMENTS DOMESTIC BANK DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CREDIT DOMESTIC CURRENCY DOMESTIC MARKET ECONOMIC CLASSIFICATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC RISKS EDUCATION PERFORMANCE EDUCATION SPENDING EDUCATION SYSTEM EFFICIENCY GAINS ENFORCEMENT OF CONTRACTS ENFORCEMENT PROCEDURES EUROBOND EXCESS LIQUIDITY EXPENDITURE EXPENDITURE GROWTH EXPENDITURE ITEM EXPENDITURE POLICIES EXPENDITURES EXPORTER EXTERNAL DEFICITS FEDERAL RESERVE FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL SUSTAINABILITY FISCAL CONSOLIDATION FISCAL CONTROL FISCAL DEFICIT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL IMBALANCES FISCAL PERFORMANCE FISCAL POLICIES FISCAL POLICY FISCAL RISKS FISCAL STABILITY FISCAL SUSTAINABILITY FIXED COUPON FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS FOREIGN MARKETS GLOBAL ECONOMY GLOBAL MARKETS GOVERNMENT EXPENDITURES GOVERNMENT POLICIES GOVERNMENT SUBSIDIES GROSS DOMESTIC PRODUCT GROWTH POTENTIAL HEALTH EXPENDITURES HEALTH INSURANCE HEALTH INSURANCE FUND HEALTH SPENDING HEALTH WORKERS HUMAN RESOURCE ILLIQUIDITY INCOME TAX INFLATION INFLATION RATE INFORMATION SYSTEM INFRASTRUCTURE INVESTMENTS INSTRUMENT INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANKS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCE INVESTMENT CLIMATE INVESTOR CONFIDENCE ISSUANCE JUDICIAL REFORM LABOR MARKET LIABILITY LIABILITY SIDE LIQUIDITY LIVING STANDARDS LOAN PORTFOLIOS LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM DEBT MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET CONFIDENCE MARKET PARTICIPANTS MARKET SHARE MONETARY FUND MONETARY POLICY NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OLD-AGE OPEN ECONOMIES OPEN ECONOMY PAYMENT OBLIGATIONS PAYMENT SYSTEM PENSION PENSION REFORM PENSION SYSTEM PENSIONS PERC PERSONAL INCOME PORTFOLIO PORTFOLIO QUALITY POST-CRISIS PERIOD POVERTY REDUCTION PRIVATE SECTOR PRIVATE SECTOR CREDIT PROGRAMS PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC INSTITUTIONS PUBLIC INVESTMENTS PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SERVICES PUBLIC SPENDING PURCHASING POWER RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFERENDUM REFORM EFFORTS REFORM PROGRAM RESOURCE MANAGEMENT RETURN RISK FACTORS RULE OF LAW SCHOOL PERFORMANCE SECURITIES SOCIAL ASSISTANCE SOCIAL OUTCOMES SOCIAL PROGRAMS SOCIAL PROTECTION SOCIAL WELFARE SOVEREIGN BOND SOVEREIGN DEBT SOVEREIGN GUARANTEE SOVEREIGN GUARANTEES SOVEREIGN RISK STRUCTURAL REFORMS SUSTAINABLE FISCAL POLICY TAX TAX BASE TAX POLICIES TAX POLICY TAX RATES TOTAL EXPENDITURE TOTAL PUBLIC EXPENDITURE TRADE CREDITS TRADE UNIONS TRADING TRANSPARENCY TREASURY TREASURY BILLS TREATY VALUATION
Online Access:	http://documents.worldbank.org/curated/en/2012/01/16421025/montenegro-after-crisis-towards-smaller-more-efficient-government-public-expenditure-institutional-review http://hdl.handle.net/10986/12821

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Summary:	Recognizing the important progress with structural reforms so far, on October 12, 2011, the European Commission recommended the opening of formal membership negotiations for Montenegro. Further, in December 2011, Montenegro was granted the membership in the World Trade Organization (WTO), and in June 2012, the country is expected to open the first chapters in membership negotiations with the European Union (EU). These are major milestones on Montenegro's road to the European Union provides a broad external and institutional context, and the destination, for its ongoing reform efforts in a complex international economic environment. In this context, Montenegro needs to continue to strive to improve its policy environment and manage its public expenditures efficiently and improve the quality of public services for all its citizens. Building on the past analytical reports and ongoing economic policy dialogue, this report aims to provide new analysis, ideas, and policy advice to Montenegro's authorities on how to accelerate its public expenditure reforms with the view to reducing cost, improving quality, and increasing public service delivery.

Montenegro After the Crisis : Towards a Smaller and More Efficient Government

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