WB: Historic support to Albania

“This year we are granting 305 million USD, which is the biggest amount in history that we have given within one year for Albania. Next year we will do something similar in these levels. We have 275 million USD, including a 150 million Usd for the energy sector and operations in health, environment and transportation”, declared the Deputy President, Tuck.

Albania applied for soft loans from the World Bank for financing the budget in 2010. There were negotiations, but they failed. High-rank officials of the World Bank explain the reasons:

“To give budget support, we need a government that has a clear macro-economic and fiscal view, and to be completely committed to implement that. This has been offered some times in the past, but other times, no. We believe that the new government has created the reform program and fulfills our conditions for support. This enabled us to make it possible this year, hoping that we will do even more in the next year”, Tuck declared.

The World Bank conditions are a series of measures that the government needs to take in the economy. According to the Vice President, the country depends on these reforms to overcome the crisis.

“All European countries were affected by the Crisis. Albania as well. As you said, this has been one of the fastest growing economies before the crisis. I believe that there is still a chance to turn to that point once again. But for this, the government must give a solution to a series of delicate measures, such as energy, the pension reform and the payment of debts to businesses. The government must start the fiscal consolidation and answer to many financial challenges. If these issues are addressed properly. I believe that Albania might have a growign pace once again”, declared the vice president of the World Bank.

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