{
  "title": "Montenegro: Request for Purchase under the Rapid Financing Instrument; Press Release; Staff Report; and Statement by the Executive Director for Montenegro",
  "publication": "IMF Staff Country Reports, June 25, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/06/25/montenegro-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-49535",
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  "summary": "The COVID-19 pandemic will hit Montenegro hard, as tourism is a key industry. Fiscal space has eroded in recent years due to large public capital outlays, and the COVID-19 crisis is creating new budgetary strains as health spending and other expenditures rise, while the economic contraction lowers r",
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      "heading": "Summary",
      "content": "- The COVID-19 pandemic will hit Montenegro hard, as tourism is a key industry.\n- Fiscal space has eroded in recent years due to large public capital outlays.\n- The COVID-19 crisis is creating new budgetary strains as health spending and other expenditures rise, while the economic contraction lowers revenues."
    },
    {
      "heading": "Major themes and risks",
      "content": "- Tourism: central to the economy and particularly vulnerable to the pandemic shock.\n- Fiscal position: constrained by prior large public capital outlays, limiting policy space.\n- Health and expenditure pressures: increased health spending and other expenditures in response to COVID-19.\n- Revenue shock: economic contraction will lower government revenues, widening financing needs."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Banking, Capital spending, COVID-19, Economic sectors, Expenditure, External debt, Financial sector, Fiscal policy, Fiscal stance, Health, Public debt, Tourism\n- Keywords: assistance, Capital spending, COVID-19, CR, emergency financing request, Executive Board discussion, Financial sector, financing, financing gap, Fiscal stance, Global, IMF lending tracker, ISCR, liquidity withdrawal requirement rate, Tourism\n\n---\n\n Content in this bundle\n\n- 1mneea2020002\n  - 1mneea2020002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mneea2020002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 25, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513548661.002",
    "The COVID-19 pandemic will hit Montenegro hard, as tourism is a key industry.",
    "Fiscal space has eroded in recent years due to large public capital outlays.",
    "The COVID-19 crisis is creating new budgetary strains as health spending and other expenditures rise, while the economic contraction lowers revenues.",
    "Fiscal position: constrained by prior large public capital outlays, limiting policy space.",
    "Revenue shock: economic contraction will lower government revenues, widening financing needs.",
    "Subjects: Banking, Capital spending, COVID-19, Economic sectors, Expenditure, External debt, Financial sector, Fiscal policy, Fiscal stance, Health, Public debt, Tourism",
    "Keywords: assistance, Capital spending, COVID-19, CR, emergency financing request, Executive Board discussion, Financial sector, financing, financing gap, Fiscal stance, Global, IMF lending tracker, ISCR, liquidity withdrawal requirement rate, Tourism",
    "**1mneea2020002**"
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