In a critical bid to revitalize its coronavirus-stricken economy, Montenegro has reached out to China for economic aid after the European Union declined to extend additional funds. This strategic move marks Montenegro’s pursuit of alternative financial supports necessary for resuscitating its pandemic-hit industries.
A New Chapter in Montenegro’s Economic Landscape
Jakov Milatovic, a youthful ex-economy minister and the newly elected president, has been at the helm of this shift in Montenegro’s international alliances. With a resounding victory in the presidential election against the longtime leader Milo Djukanovic, Milatovic has charted a bold course for Montenegro’s economic recovery.
With an ambition to integrate Montenegro into the European Union in the next half-decade, Milatovic’s victory heralds a possible return to the path of reform for Montenegro. His campaign emphasized enhancing prosperity and nurturing closer ties with Serbia, marking a clear departure from Djukanovic’s leadership, which was marred by allegations of organized crime and corruption.
Montenegro’s Pivot to China
In a move that underscores the urgency of its economic plight, Montenegro has signed cooperation agreements with China worth over 7 billion yuan (approximately 989 million USD). This development mirrors China’s readiness to extend considerable economic assistance, thereby potentially reshaping global alliances.
The solicitation of Chinese aid comes on the heels of dwindling financial support from the European Union. With hopes of reviving its floundering industries through Chinese investment and support, Montenegro’s pursuit of Chinese aid signifies the country’s desperate need for economic recovery.
