Balkans.com Business News / Montenegro

The Montenegrin government revised its 2013 budget on Thursday, proposing additional expenditures and borrowing to cover debts of country's loss-making aluminum smelter.In the draft proposal, the government said it plans to use 61 million euros ($79 million) to cover unpaid electricity bills of the Kombinat Aluminijuma Podgorica (KAP) aluminium smelter to Elektropirvreda Crne Gore (EPCG) electro power producer and retailer.bne/Reuters

Montenegro's Prime Minister Milo Đukanović paid an official visit to Ukraine, where he met with Ukraine’s President Mikola Azarov for talks on boosting economic cooperation between the two countries.The two officials expressed satisfaction with the growth of cooperation in the area of tourism, adding that the best impetus to further improvement of the cooperation would be the establishment of direct and regular air service between the two capitals.Prime Minister Đukanović and President Azarov  also discussed the volume of trade exchange between the two states and agreed that the advanced cooperation, in particular in the areas of energy supply and food production, would significantly increase both investments and volume of foreign trade exchange.Prime Minister Đukanović met in Kiev with Ukrainian business people interested in investing in Montenegro, which was an opportunity for presenting Montenegro’s potentials and strengthening economic ties between the two countries.He also participated in the annual conference titled “Ukraine and Partners”, which brought together head of states and representatives of leading investment, financial, banking and business structures.PM Đukanović revealed in Kiev the monument of Petar II Petrović Njegoš, a famous Montenegrin poet and statesman from the 19th century, a prominent member of the old Montenegrin ruling family Petrović.Montenegrin and Ukrainian governments officials signed in Kiev four agreements related to international road transport, cooperation in case of natural and other catastrophes, cooperation in combating crime and an agreement on scientific and technological cooperation and in the field of youth, sports and physical culture. Government

Montenegro's Finance Minister Dr Radoje Žugić met with the Ambassador of the State of Kuwait and the Republic of Serbia, non-resident Ambassador to Montenegro, Fawzi A. Al-Jasem.Interviewees were very positively evaluated the relations between the two countries and pointed out that there is room for further improvement of cooperation, especially in the economic sphere. To this end, Ambassador Al-Jasem said that Kuwait is interested to Montenegro establish a Joint Committee for Economic Cooperation, which would contribute to further improvement of relations between Kuwait and Montenegro. The interlocutors agreed that, in future communication, working together on the implementation of this idea. Ambassador Al-Jasem also conveyed interest Kuwaiti Development Fund, under favorable conditions, financing infrastructure projects in Montenegro. Government.

The Government of Montenegro analyzed the bill on the final account for the 2012 Budget of Montenegro. The economic situation in Montenegro and PF were strongly influenced by the crisis, followed by internal structural weaknesses and vulnerabilities of the fiscal system, as well as the extremely poor weather conditions at the beginning of the year, which caused a slight decline in the economy of 0.5 percent. economic flows in last year confirmed that the tourism sector and small and medium enterprises will remain a growth engine for the Montenegrin economy. The growth of tourism revenue of 4.3 percent growth generated by service industries such as retail and transportation. Foreign direct investment recorded a growth reaching almost 13.6 percent of the estimated GDP for year 2012. year. Stability of the financial system has been confirmed through the steady growth of deposits of population and economy, as an expression of confidence in the banking system, and restrictive measures to reduce government spending have enabled the provision of insufficient funds on favorable terms from the World Bank. The main obstacle to growth of economy remains a lack of liquidity of the economy and reduced bank lending, which hinder business enterprises, implementation of business ideas and projects, as well as a collection of state revenues, affecting the growth of the tax debt. government adopted a report on public debt and issued guarantees Black Gore, at 31 December 2012 year, as well as report on the state aid granted in Montenegro 2012. The Draft Law on the protection of natural and cultural - historical area of Kotor was adopted. Special protection areas Kotor is established in order to preserve its outstanding universal value, as part of the world's natural and cultural heritage, permanent preservation of authentic natural, historic, urban architecture, ambience and artistic values, as well as providing the conditions for sustainable development and utilization, presentation and professional and scientific evaluation. Each of these goals has a crucial importance for defining regimes and protective measures to be implemented prior to or during any action or activity which may threaten the protected value of this specific area or of its individual parts. At the meeting also discussed the current situation in the KAP aluminum Podgorica . Government

Montenegro's Prime Minister Milo Djukanovic , at the invitation of his counterpart - the Prime Minister of Ukraine Mikola Azar , Visting 13th and 14 June official visit to that country, where he will hold talks with top officials.During the visit will be discussed prospects for further improvement of the political and overall bilateral relationship, and identify specific projects and activities of mutual interest.In addition to meeting with top officials of Ukraine, the Prime Minister will talk with a group of Ukrainian businessmen interested in investing in Montenegro, which will be an opportunity to present the potential of our country and the strengthening of economic and trade and economic relations.Prime Minister Djukanovic will discover Kiev monument to Peter II Petrovic Njegos, and will speak and participate in the First International Annual Conference "Ukraine and partners." The conference was organized at the level of the Prime Minister, with the participation of the major leading investment managers, financial, banking and business structures.During the visit will be signed and agreements on international road transport of passengers and goods, on cooperation in the field of protection against natural and other disasters; cooperation in the fight against crime, on scientific and technological cooperation and cooperation in the field of youth policy, physical culture and sport.The delegation of the Government of Montenegro and the Ministers of Sustainable Development and Tourism, and Agriculture and Rural Development Branimir Gvozdenovic and Petar Ivanovic and advisors of the Prime Minister Milan Rocen andNebojsa Kaluđerović . Government