General national economic measures 

 

*small business relief or other financial support 

*tax returns and or VAT returns suspended/delayed 

*loan repayment holiday 

 

More information:  

-Delay of tax payments and contributions to earnings. 

 

-Creation of a new Investment Development Fund (IRF) credit line to improve the liquidity of entrepreneur. 

 

-Moratorium on loan repayment for a period of up to 90 days. It includes the interim suspension of all payments of obligations based on the loan (principal, interest, default interest, fees, etc.).  

 

-Banks are also allowed to restructure loans and reclassify them as new loans, including by additionally extending the repayment period by up to two years, if the borrower’s financial position was impacted by the pandemic and restructuring would improve the credit capacity of the borrower. These measures also apply to leasing and microfinance institutions. 

 

-One-off financial assistance to low-income pensioners and social welfare beneficiaries in the amount of EUR 50 each (EUR 1 million has been allocated for this). More info here and here.  

 

- As Montenegro is involved in accession negotiations with the Union, the country can apply to EU funds open to accession countries like the EU Solidarity Fund (the fund was set up for natural disasters and now includes public health emergencies).

In addition, the EU has approved assistance for Montenegro via its neighbourhood programme (part of its Western Balkans Covid-19 package worth 410m euros). 

 

On top of funds for healthcare systems, the EU is mobilised €50 million to support the social and economic recovery of Montenegro. How the money is to be spent needs is being co-ordinated with the EU, international and national financial institutions “to support the real economy, including SMEs, and support liquidity, also of the banking sector.”   

  

RUNDA (the independents music companies association for the region) would like to see part of these monies used to support music and other cultural sectors.   

National measures specific to the music sector or to culture in general 

 

None so far.

Measures taken by local collecting society organisations 

None so far.

Other music fund available 

 

None so far.

 

Support from online services 

 

None so far. For more initiatives by online services, click here.

 

Support from national radio and other media 

 

None so far. 

 

Social media campaign to promote music during the crisis 

 

None so far. 

 

Local programmes supported by EU funds covering music 

 

None so far. 

Business and other expected losses 

 

Still under evaluation. 

Montenegro

IMPALA represents independent music companies and national associations in Europe. Our main site is www.impalamusic.org where you can find out more about what IMPALA does. 

Address: 70 Coudenberg - 1000 Bruxelles

Tel: +32 2 503 31 38

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