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The IMF and WB Constituency meeting is held for the first time in Tirana. Flaws: Public debt fell to 59.2% of GDP in 2023

2024-02-16 11:24:33Biznes SHKRUAR NGA REDAKSIA VOX

The IMF and WB Constituency meeting is held for the first time in Tirana. Flaws:

The Constituency Meeting* of the International Monetary Fund (IMF) and the World Bank Group (WB) was welcomed today in the premises of the Bank of Albania. This meeting brings together the governors and ministers of finance of the member countries of this constitution and takes place for the first time in Albania.

Also present were the Prime Minister Edi Rama, the Minister of Finance, Ervin Mete, the Governor of the Bank of Albania, Gent Sejko, the Executive Director for Albania at the IMF, Federico Giammusso, and the Executive Director for Albania at the World Bank, Matteo Bugamelli.

The focus of this meeting was the current challenges that the economies of these countries are facing and the most efficient and coordinated approaches for their development. Also, the senior representatives of the International Monetary Fund (IMF) and the World Bank (WB) presented the perspectives of these two institutions regarding global challenges such as wars and conflicts, the increase in the frequency of natural disasters, the increase in poverty and inequality and the steps they are taking. undertake to address these problems aiming at the sustainable growth of the countries' economies.

Other issues addressed by the program were related to the spaces created by the development of artificial intelligence and the best use of energy and mineral resources in support of economic progress.

The minister said that even in the evaluations of the Monetary Fund and the World Bank, Albania turned out to be one of the most resistant economies in the region and this stability is encouraging for the medium and long-term perspective, as well as for the health of public finances in the country.

Mete noted that public debt not only fell to pre-crisis levels, but fell below 60% for the first time since 2011, hitting a level of 59.2% at the end of 2023, according to the latest estimates. placing Albania among the countries that have reduced the public debt at the fastest rate in the region.

He emphasized that work is being done to finalize a Public Finance Management strategy, in coordination with the European Union, as one of the basic prerequisites for advancing negotiations towards the EU. Part of the Public Finance Management reforms is also the Mid-Term Revenue Strategy, for which we worked together with the IMF to improve fiscal administration and the effectiveness of tax policies.

In his speech, Governor Sejko expressed his satisfaction with the opening of this activity and thanked the participants for the cooperation so far in areas of common interest. Following this, the Governor stated that the year 2023 for Albania ended with an economic growth of around 3.5%, with an unemployment rate at its historical minimums, as well as with a foreign debt, public debt and indicators of problem loans, below the levels they had before the strikes. In particular, inflation was halved during the past year, going down to the level of 4%, while the health indicators of the banking sector remain positive.

"One surprise of 2023 was the increase in the interest of foreigners in our country. Albania welcomed around 10 million visitors, climbing to the third place in the world for the fastest growing tourism and registering – for the first time in its history – a current account surplus. Also, the year 2023 is well on its way to being the year with the highest level of foreign direct investments, proving once again the attractiveness of Albania as an investment destination", emphasized the Governor.

Among other things, Sejko underlined that the central bank must carry out the fight against inflation to the end. Its downward trend is good news, but falling inflation is not inflation on target. Therefore, central banks should continue to focus on taking the necessary measures to return inflation to the target, as a prerequisite for the sustainable growth of economies and the well-being of citizens. Mete and Sejko also held bilateral meetings with their participating counterparts in the framework of expanding economic cooperation and increasing interest in strategic investments in Albania.


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