Albania’s gross external debt at the end of 2014 reached EUR 6.6 billion, according to the latest report published by the Institute of Statistics. “Albania in figures, 2014” report shows that the biggest borrower of this debt is the government which is followed by subjects in the bank system.
The report shows that the biggest amount of this debt is a long term debt, typical for governmental debts. While, the reserve assets at the end of 2014 were EUR 2.2 billion, says the report of INSTAT. This amount of reserve assets is equal to the amount of money needed to cover the import of merchandises and services for 5.5 months.
On May 12th, the Ministry of Finances stated that “Albania targets a public debt level above 65% of the GDP by the end of 2017 and above 60% of the GDP by the end of 2018. The level of debt predicted by the Ministry for 2014 was 72% of the GDP and 71.8% for 2015.
News source/photo credits: ATA