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Montenegro - Financial Sector Policy Based Guarantee Project (Inglês)

Ratings for the Financial Sector Policy Based Guarantee Project (FSPBG) for Montenegro were as follows: outcomes were unsatisfactory, the risk to development outcome was substantial, the Bank performance was satisfactory, and the Borrower performance was satisfactory. Some lessons learned included: it is important to maintain sufficient flexibility, particularly in the case of the envisaged programmatic policy development loans, so as to adapt and respond to client needs and economic realities in the country. As the external environment was rather negative during the FSPBG preparation phase, adding a strong sense of urgency to the need to adopt financial sector related reforms, the team built sufficient ownership of the many policy and regulatory changes. The conversion of the second DPL to a PBG, which significantly leveraged the Bank's lending, was a direct result of the Montenegrin 2012 financing gap, as the prior actions were not significantly different. During the Eurozone financial crises, it proved crucial that this operation narrowly focused on key areas for good outcomes. The proposed operation incorporates this lesson by focusing on a main challenge recognized by the Government, namely, addressing vulnerabilities in the banking sector and making the banking sector more resilient to cope with possible future shocks. Public understandings of key financial stability measures adopted were substantially improved through a carefully planned and implemented communication strategy by the Government and the Bank. The staff of the World Bank Country Office in Podgorica played a crucial role in this regard by ensuring consistent and timely communication with key stakeholders. The Bank also kept civil society and the general public informed of its position on critical issues through interviews to national media and press releases.

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