At tonight’s session, the Government of Montenegro passed the Draft Law on investing in consolidation and development of the national airline ‘Montenegro Airlines’, which foresees recapitalization of the national airline by investing €155 million over the next six years for covering the Montenegro Airlines due liabilities to creditors and investment in development. This proposal, according to the Govt, creates basic preconditions for market operations of the Montenegrin national air carrier and therefore numerous positive effects on our entire economy.
“This amount also includes the allocation of up to €50 million net for the purchase of new Montenegrin crafts,“ the Govt stated.
The discussion emphasized that the Montenegrin national airline annually generates about €70 million in revenues and that it carried more than 660,000 passengers this year, which beside the direct revenue makes a great positive impact on our entire economy.
“Therefore, the eventual bankruptcy or liquidation would lead to a series of cumulative negative effects across the entire national economy and numerous direct negative consequences including the loss of €33.7 million in repayments for aircraft and slots at foreign airports,“ they said.
Considering the alternative scenario of bankruptcy of liquidation of Montenegro Airlines, the Government of Montenegro concluded that such a scenario would be extremely unfavorable not only for the national airline but for the entire Montenegrin economy, especially having in mind tourism as a strategic branch of development.
