Bank of Albania: “Loans put economy at risk”. IMF: “Improve business climate”

“If this will not improve, the small offer for loans from banks might put in danger the economic recovery”, Sejko said in a meeting with international experts.

The debate why loans don’t grow is old, but this is the first time that the central bank blames private ones.

“Private banks need to be flexible with the loan policies. We appeal you to promote Albania in your banking groups. We know there is a risk perception for Albania which is more negative than reality. This damages our country, because most of the verdicts for big loans are taken by mother banks”, Sejko underlined.

Loans for economy in April were 92 million USD less than one year ago. The IMF says that the economy could have benefited more if the loan would have been unblocked.

“The main message I want to give today is that the economic recovery is getting better, a trend similar to every other country in the region. But the economic growth might get better by improving the business climate and by addressing the factors that are banning the loan growth”, declared the Chief of the IMF mission in Tirana, Anita Tuludhar.

Despite the concern with the loan, the government seems to have an even more optimistic view for the economy.

“We have left the crisis behind and if we continue with the reforms, the economic cycle will be much more positive for the next five to eight years”, declared the Minister of Finances, Arben Ahmetaj.

“There are some new factors that could lead the economic growth, such as agriculture, agro-processing, manufacturing, tourism and transportation”, said the Minister of Economy, Milva Ekonomi.

IMF and the government foresee that the economic growth for this year will be 3.4%, while the Bank of Albania has a more reserved scenario and expects the national GDP to growth with 3%.

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