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Flaws: The S&P rating strengthens Albania's position, brings benefits to the country's economy

2024-03-23 11:49:05Biznes SHKRUAR NGA REDAKSIA VOX

Flaws: The S&P rating strengthens Albania's position, brings benefits

The Minister of Finance, Ervin Mete, in a statement to the media, explained the effects and benefits for Albania of being rated for the first time by the International Agency "Standard & Poor's" in the BB- category.

This S&P rating comes six months after the international agency revised Albania's outlook upward from stable to positive and is an assessment of efforts to ensure sustainable economic growth, strengthening public finances and the effectiveness of structural policies.

The increase in the assessment by Standard & Poor's takes on even more special importance in the conditions of a challenging situation of the global economy, since a significant part of countries have experienced a decrease in the assessment by the international agency.

This rating underscores our confidence in our ability to meet economic challenges while strengthening our financial fundamentals.

It constitutes a certification of our growth strategy and public finance management practices, said the Minister.

Further, Mr. Mete explained that the assessment strengthens Albania's external positions and brings concrete benefits to the country's economy.

Now the country will be perceived more positively by foreign investors to invest in Albania and this is expected to translate into higher foreign investments, as well as easier conditions for Albania's borrowing in international markets.

This improvement is also expected to be reflected in the local market, in lower financing costs for banks, businesses and individuals.

Upgrading to a rating category from Standard & Poor's confirms the good situation the country's economy is going through, the stability of public finances and the positive expectation for the reforms undertaken.

S&P underlines that this rating improvement comes as a recognition of Albania's strong economic resilience and prudent management of public finances in the face of a series of successive challenges.

Albania has consistently shown its ability to withstand shocks, Standard&Poor's estimates, and regardless of these challenges, the economy has grown at an impressive average of 5.8% per year over the past three years, simultaneously improving public finance parameters.

Macroeconomic indicators have improved significantly, unemployment is at historic lows, inflation is back on target ahead of expectations, the external position has improved thanks to the very good performance of the tourism sector, foreign direct investment has reached historic highs, while the public debt decreased to 59.2% at the end of 2023.

The latest evaluation of the international agency encourages our determination to aim for higher economic growth and the achievement of ambitious development objectives, as well as further strengthening of public finances.

The progress in the European integration process is an important impetus to accelerate the pace of reforms and the growth plan of the European Commission for the countries of the Western Balkans, which accompanies the undertaking of important reforms, we expect to also serve as solid support in this direction.


Në përputhje me standarded JTI

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