Albania secures second 53 ml EUR tranche of IMF loan

The Albanian government has received a positive response by the IMF delegation, for the next tranche of loan, as announced by the head of delegation, Nadeem Ilahi. Albania and the IMF reached a settlement on Tuesday, November 25^th for the disbursement of the 53 ml EUR to Albania.

During a press conference, Nadeem Ilahi declared that the economic plan applied by the Albanian government is being implemented successfully, by saying: “We believe that the policies package which is being applied by the government will have a positive impact in economy. The economic growth is estimated to reach 2%, as a result of the increase of exports, oil production and the repayment of the outstanding debts.” Ilahi also declared that lending for businesses has increased but it still remains at low levels. The head of the IMF delegation to Albania evaluated the reform undertaken in the energy sector and the so-far efforts made to reduce the public debt.

Present in the conference were also the Minister of Economic Development, Arben Ahmetaj, the Minister of Finances Shkelqim Cani and the vise Governor of Bank of Albania, Elisabeta Gjoni.

The Minister of Economic Development said the negotiations with the IMF weren’t easy and for that blamed the inherited economic situation by the previous government in 2014. In his opinion, the Albanian economy will increase by 2-2.2% but the government intends to have a bigger economic growth and for that reforms will continue with the same intensity. As for the Minister of Finances, the government’s goals for the decrease of fiscal deficit and the positive performance of Customs and Directory of Taxes can be reached in 2015. Shkelqim Cani declared that until now, the government has repaid 26 billion ALL and the repayment scheme will be implemented successfully till the end of 2014.

The IMF delegation arrived in Tirana capital on November 18^th, 2014 to start discussions on the disbursement of the next tranche of the IMF loan.

News source/photo credits: ATA