{
  "title": "Germany: Selected Issues",
  "publication": "IMF Staff Country Reports, July 20, 2022",
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  "summary": "This Technical Assistance Report on Montenegro highlights Public Investment Management Assessment. Due to the importance of the tourism sector, the pandemic has had a deep economic impact.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This Technical Assistance Report on Montenegro highlights Public Investment Management Assessment.\n- The pandemic had a deep economic impact due to the importance of the tourism sector.\n- Government debt already exceeds one hundred percent of gross domestic product, limiting fiscal space to increase public investment.\n- Strengthening the public investment management (PIM) framework would help maximize the impact of public investment on economic growth.\n- IMF estimates indicate that there is an efficiency gap of 35 percent.\n- Public investment could better support the economic recovery if specific actions are taken to improve the PIM framework."
    },
    {
      "heading": "Key findings",
      "content": "- Recent trends in capital expenditures and capital stock signal room for improving the efficiency of public investments in Montenegro.\n- The authorities have introduced several reforms in recent years to strengthen the PIM framework.\n- Through reform efforts, Montenegro has developed a stronger PIM framework but there remains significant room for improvement.\n- Fiscal constraints are acute because government debt already exceeds one hundred percent of gross domestic product, limiting additional public investment financing."
    },
    {
      "heading": "Policy recommendations and priority actions",
      "content": "- Strengthen the PIM framework to maximize the growth impact of constrained public investment.\n- Target reforms to close the identified efficiency gap of 35 percent so that public investment more effectively supports economic recovery.\n- Prioritize improvements across the public investment cycle (planning, selection, appraisal, budgeting, execution, and maintenance) to boost the productivity of existing capital stocks and capital expenditures.\n\n---\n\n Content in this bundle\n\n- Germany: Selected Issues; IMF Country Report No. 22/230; June 30, 2022\n  - Germany: Selected Issues; IMF Country Report No. 22/230; June 30, 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Germany: Selected Issues; IMF Country Report No. 22/230; June 30, 2022 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 20, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400216688.002",
    "This Technical Assistance Report on Montenegro highlights Public Investment Management Assessment.",
    "The pandemic had a deep economic impact due to the importance of the tourism sector.",
    "Government debt already exceeds one hundred percent of gross domestic product, limiting fiscal space to increase public investment.",
    "Strengthening the public investment management (PIM) framework would help maximize the impact of public investment on economic growth.",
    "IMF estimates indicate that there is an efficiency gap of 35 percent.",
    "Public investment could better support the economic recovery if specific actions are taken to improve the PIM framework.",
    "Recent trends in capital expenditures and capital stock signal room for improving the efficiency of public investments in Montenegro.",
    "The authorities have introduced several reforms in recent years to strengthen the PIM framework.",
    "Through reform efforts, Montenegro has developed a stronger PIM framework but there remains significant room for improvement.",
    "Fiscal constraints are acute because government debt already exceeds one hundred percent of gross domestic product, limiting additional public investment financing.",
    "Strengthen the PIM framework to maximize the growth impact of constrained public investment.",
    "Target reforms to close the identified efficiency gap of 35 percent so that public investment more effectively supports economic recovery.",
    "Prioritize improvements across the public investment cycle (planning, selection, appraisal, budgeting, execution, and maintenance) to boost the productivity of existing capital stocks and capital expenditures.",
    "**Germany: Selected Issues; IMF Country Report No. 22/230; June 30, 2022**"
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