## Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to Croatia

_IMF News, July 12, 2017_

## Source details

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## Bibliographic details
- Published: July 12, 2017

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### Overview
- Press Release No. 17/276
- Date: July 12, 2017
- Location of statement: Dubrovnik
- Speaker: Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF)
- Context: Visit included participation in a joint IMF/Croatian National Bank conference on “Reaccelerating Convergence in Central Eastern and Southeastern Europe: The Role of Governance and Institutions” and a regional roundtable discussion.

### Key observations and findings
- Regional transformation: The region has "transformed successfully from centrally planned economies to market-based systems in less than a generation."
- Convergence slow-down: "Convergence with advanced Europe has slowed since the global financial crisis."
- Croatia-specific developments:
  - Croatia recorded growth "for the third year in a row after a long recession."
  - Strong fiscal outcome in 2016.
  - Exit from the EU’s Excessive Deficit Procedure in June 2017.

### Policy messages and recommendations
- Governance and institutions:
  - Good governance and strong institutions can "play a crucial role in speeding up the convergence process and making growth more durable and inclusive."
- Fiscal policy and resilience:
  - Encouraged "efforts to strengthen Croatia’s economic defenses, including through further reducing debt," to "provide room to maneuver in case economic conditions deteriorate."
  - Emphasized the importance of fiscal reforms.
- Structural policy:
  - Emphasized the importance of structural reforms to "improve competitiveness and boost private sector growth and employment opportunities, especially for women and youth."

### Meetings and engagements
- Participated in:
  - Joint IMF/Croatian National Bank conference on “Reaccelerating Convergence in Central Eastern and Southeastern Europe: The Role of Governance and Institutions.”
  - Regional roundtable discussion with economic policymakers from throughout the region.
- Bilateral and high-level meetings with:
  - Prime Minister Andrej Plenković
  - Deputy Prime Minister and Minister of Economy Martina Dalić
  - Croatian National Bank Governor Boris Vujcić
  - Minister of Finance Zdravko Marić
  - "and their colleagues"
- Closing remark: Ms. Lagarde expressed gratitude: “I would like to thank the authorities and the Croatian people for their warm welcome and gracious hospitality.”

### Contact information (as provided)
- IMF Communications Department
- MEDIA RELATIONS
- PRESS OFFICER: Wiktor Krzyzanowski
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org

*Statement by IMF Managing Director Christine Lagarde, July 12, 2017.*

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## References

- [Christine Lagarde](http://www.imf.org/external/np/omd/bios/cl.htm)
- [Republic of Croatia and the IMF](http://www.imf.org/external/country/HRV/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2017/07/12/pr17276-statement-imf-managing-director-christine-lagarde-conclusion-croatia_