On May 14th, the IMF Executive Board completed the fourth review under Extended Fund Facility arrangement for Albania by approving a fund of EUR 35.9 ml.
The IMF officials finalized the review of the Albania’s economy performance, according to the IMF’s official press release, resulting that all the performance criteria were completed. “The economic revival is improving in Albania but the economic growth rate still remains below the potential. The level of outstanding loans poses the private banks to risk.
According to the report, the Albanian financial institutions must work in reaching the objectives set for the budgetary deficit for 2015, since the incomes from the hydrocarbons rent and the inflationist external pressure represent a risk in this regard.
The international institution also recommends that the political parties should cooperate to reduce the public debt in a middle term, as another effort in supporting the fiscal consolidation initiated in 2014. The IMF report evaluates the results from the ambitious reform in the energy sector, by calling them “impressive”.
On February 28th in 2014, the International Monetary Fund approved a 36 month arrangement for Albania under the Extended Fund Facility program at an amount of 367.500.000 €. The IMF completed the first review under the Extended Fund Facility for Albania on June 30th, 2014.
News source/photo credits: ATA
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