Montenegro's budget to face a shortfall of between 350 and 400 million euros

SARAJEVO, (Patria) - Montenegro's budget will lack between 350 and 400 million euros by the end of the year, said the country's Finance Minister Darko Radunović.

Radunović expects that in the first half of May, they will secure 250 million euros on the financial market, for which they already have guarantees from the World Bank amounting to 80 million.

"We are trying to secure new sources of financing," Radunović told Television of Montenegro, CdM reports.    

He added that good results were recorded in the first quarter and the budget revenue plan was met.

"However, in 20 days of April, a drop in budget revenues of 22.3 percent was recorded," says Radunović, adding that in nominal terms, this is about 29 million euros.

"We are functioning in an uncertain time where we will have reduced revenues, and expectations are to increase spending," said Radunović.

Economic decline of 4.9 percent

He recalled the IMF's projections that the Montenegrin economy will record a nine percent decline this year.

"I hope those forecasts are too pessimistic, and in contact with them, we are trying to convince them that it is not so. Unfortunately, we have to accept the fact, and according to our records, it would be a decline of 4.9 percent," said Radunović.

He believes that the state's measures so far will not be sufficient.

"Whether that is enough, I would be very satisfied if it were, but I fear it will not be, and that we will have to provide new relief in the third set of measures," said Radunović.