The executive board of the International Monetary Fund completed the
seventh evaluation report for the economic performance of Albania. The
review allows our country to withdraw another fund of 36.1 million EUR,
taking it to a total of 263.7 million EUR.
After the discussions held at the Board of Directors, David Lipton, Vice Managing Director and Temporary Chairman, said that the economic recovery of Albania is accelerating.
“The mid-term perspective will remain favorable if the good pace of reforms will be preserved. The commitment of authorities for implementing the structural and fiscal reforms, which are ambitious and difficult, are to be praised. However, some other reforms for improving the business environment have remained behind”, he says.
The strategy of consolidation must aim to enlarge the tax base, limiting exclusions from taxes and reinforcing the reconciliation and administering of revenues.
According to the IMF, it is critical to strengthen the mid-term budget framework and to manage the public investments. The fiscal risks from concessions and the public-private partnership need to be limited, making a profit-cost analyze for each, and bringing transparency in full accordance with the international norms.
The IMF underlines hat to revive loans in the private scetor is very important to pass the new bankruptcy law and the Private Bailiff Law.
To improve the business environment, the focus should be on the implementation of the justice reform, to improve the property rights and the education infrastructure. For the IMF, these steps will help making way for EU accession and stable growth.
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