IMF: Albania is recovering from crisis

In the annual meeting between the IMF and the World Bank, the Italian Minister of Finances and Economy, Pier Carlo Padona, who represents Albania and some other European countries in the IMF board, declared that the economic growth of Albania improved during the first half of 2014, thanks to the increased exports and higher demand from the private sector.

“Improving the trust in economy, stronger balances as result of paying debts and better financing conditions have increased the level of private consumption and investments”, Padoan declared.

“There has been an improved trust in economy, there are stronger balances as results of paying debts and better financing conditions have increased consumption and private investments”, Padoan declared.

According to him, even the government measures for fiscal consolidation that were undertaken by the start of this year have been received well by the economy.

However, the Italian Minister of Finances underlines that the Albanian economy is still operating below its potential, which is seen in the low level of inflation.

“The main weaknesses of this economy are still controlled, while the public debt trajectory is under control and the deficit of the current account is financed by foreign investments”, Padoan noted.

In parallel he underlines that the financial system of Albania  remains well-capitalized and able to resist to potential pressures that might come from the internal or foreign market. In the official declaration held at the meeting of the financial and international committee, Padoan says that Albania has fulfilled all most important conditions in the IMF agreements.

By focusing on the fiscal consolidating policy, the Italian Minister of Finances concludes and says that the mid-term, not the long-term perspective of the Albanian economy, remains still positive in front of the efforts for undertaking structural reforms and reducing weaknesses of the energy sector.

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