The International Monetary Fund announced yesterday that the
Montenegro’s economy will suffer a 9 percent decline this year according to the International Monetary Fund, as the coronavirus pandemic spoils previous hopes for 3 percent growth. Such a decline is likely to have a drastic effect on the level of public debt, which could rise to over 90 percent of GDP. The IMF writes that rather than rising from $4.8bn to $5bn in 2020, the key indicator will likely fall to $4.38bn. The government of Montenegro believed it was on course to reduce its public debt level to just 73 percent over the course of 2020. Instead, it’s being forced to look for ways to defer or refinance outstanding liabilities.
