Parliamentary Economy Commission approved on December 22, amendments on “For state borrowing, state debt and guarantees of Albanian Republic loan” law. The approval provides that Ministry of Finances may receive loans without having the approval of Assembly.
The law was adopted on behalf of a request by the Ministry of Finances, according to which the Assembly possesses all the necessary means to evaluate or put limits for the Ministry of Finances or the government in cases of lending. Based on this argument, the Ministry says that there is no reason to impede it from lending without an approval.
The request has been made for a certain lending level, for amounts under the approved debt level. In cases these amounts are higher than the approved level, the Ministry has to get an approval by the parliament. The changes are being made in order to simplify Ministry of Finances’ moves and bureaucracies in the external market, aiming to lend at low costs and interest rates. These changes in “For public lending” law were discussed even at the meeting of Law Commission and reviewed article by article by its members.
News source/photo credits: ATA
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