Malaj: Country on the brink of bankruptcy

“The public debt and deficit are increasing each day, and this is only the tip of the iceberg, because the government is still increasing the debt they owe to businesses, the tax collection has deteriorated and the business environment is getting worse. This has damaged the economic growth, without which there is no decrease of the unemployment and poverty. The budget situation after the elections will be even more bad. No financial institution will offer support to our country if there are no economic reforms with the tax-spending system, which will aim to create new jobs”, Malaj declared.

Malaj added that Albania is getting closer to an obligatory salvation agreement with donating institutions, and this scenario has very large costs.

“The International Monetary Fund, the World Bank, the European Union and every other financial institution, based on personal experience, will impose difficult conditions before giving financial support for development projects that increase employment and economic growth”, Malaj declared.

The former Minister of Finances thinks that a new option for Albania is to reduce the costs of this crisis, but this needs a wider political consensus.

“This option needs to reduce any political crisis during and after the elections. The formation of the new government should not delay and before the elections we need a draft of reforms for which all political parties should agree. It demands a lower electoral aggressivity, more realistic promises for lower-tax policies and an increase of the budget spending”, Malaj declared.

Malaj thinks that the political agreement should include the stopping of arbitrary spending and the review of the tax level, in order to stop a crisis that according to him is getting bigger.

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