Montenegro’s cabinet approves new borrowing worth EUR15m

The Montenegrin government has approved a new EUR15m borrowing in a bid to secure funds to cover this year’s budget deficit, according to a government statement. The funds will be secured through a long-term loan between the Finance Ministry and the bank Societe Generale. The cabinet also adopted a program for the management of the country’s forests for this year in a bid to stop the excessive export of raw materials and resolve the problems in the area. The 2017 state budget envisages 6.1% of GDP deficit, largely due to highway project-related expenditures. Capital spending was below planned in the 2016 budget as the implementation of the Bar-Boljare highway project was slower than planned.

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