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Combating the Impact of COVID-19 in Montenegro – International Monetary Fund

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An island near the Bay of Kotor, Montenegro. The country’s tourism sector has been hit especially hard by the outbreak of COVID-19. (photo: Sergii Zarev/agefotostock/Newscom)

Combating the Impact of COVID-19 in Montenegro

By Yen Nian Mooi, IMF European Department

July 2, 2020

Like many tourism-dependent countries, Montenegro has been hit hard from
the effects of COVID-19. On June 24, 2020, the Balkan country received an emergency loan
worth $83.7 million under the IMF’s Rapid Financing Instrument to help its
economy weather the economic disruption caused by the collapse of tourism
and to support higher health spending.

As the COVID-19 pandemic began spreading in Europe in March, the
Montenegrin government took swift and decisive measures to contain the
virus, including by closing its borders, airports, seaports, schools, and
non-essential businesses. Public gatherings were also banned.

These strong containment measures put the brakes on an economy that was
growing steadily in the preceding months. With tourism accounting for about
a fifth of its economy, the…



Read More: https://www.imf.org/en/News/Articles/2020/07/02/na070220-combating-the-impact-of-covid-19-in-montenegro

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Source: https://www.imf.org/en/News/Articles/2020/07/02/na070220-combating-the-impact-of-covid-19-in-montenegro

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