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PM Marković at PMQs: Our new economic epoch must begin by adopting philosophy of economic patriotism

PM Marković at PMQs: Our new economic epoch must begin by adopting philosophy of economic patriotism
Published date: 29.04.2020 19:13 | Author: PR Service

Ispis Print

Prime Minister Duško Marković said at the Prime Minister's Questions that our new economic epoch must begin with production and adoption of the philosophy of economic patriotism, to produce and find customers for what we have produced, and that the goal is to provide anyone, who has an idea for a project that can contribute to the development of the country, with funding to implement such a project. 

Responding to PM Boris Mugoša from the Social Democrats and Liberal Party, the Prime Minister emphasised that the Government was trying to support the economy in a timely and comprehensive manner, which it did through two packages of measures and will do through the third one already under preparation.

"Due to its prudent economic policy, Montenegro received a guarantee of EUR 80 million from the World Bank shortly before the pandemic broke out, which will provide a favourable debt of at least EUR 250 million. In this way, thanks to our reputation with international lenders, the access to the financial markets will be facilitated and the most significant amount of funds necessary for financing the 2020 budget will be provided. In addition, part of the funding will be provided through the credit support from the International Monetary Fund and the European Commission. In particular, it is currently negotiating to provide funds in the amount of EUR 508 million. Of this amount, EUR 455 million will be provided through loan arrangements, while about EUR 53 million will be provided through donations. Talks are being held with both, domestic and foreign financial institutions. The Ministry of Finance is in daily communication with the World Bank, the European Commission, the International Monetary Fund, the European Bank for Reconstruction and Development, the European Investment Bank and the Council of Europe Development Bank. With all these addresses, there is a willingness to define a support package for Montenegro, in order to reduce the socio-economic consequences of the COVID - 19 pandemic. The financial support of around EUR 60 million is expected to be received from the European Commission, along with presently definition of terms for using these funds. The European Commission has already approved for the funds of the IPA arrangement, in the amount of EUR 53 million, to be reallocated and used for implementation of the current urgent needs in area of health and support to the economy and citizens," Prime Minister Duško Marković said during the Prime Minister's Questions.

For full press release in Montenegrin, please click here