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International Monetary Fund

Albania was among the first countries to participate in the General Data Dissemination System (GDDS), posting its metadata on the Dissemination Standards Bulletin Board. Its metadata have been used as a model by other countries participating in the GDDS. Recommendations to increase further Albania’s adherence to internationally accepted statistical practices, and enhance the analytical usefulness of its statistics include additional staff resources, expanding and improving surveys, implementing measures to minimize errors in commercial banks’ reporting, and to speed up processes in addressing these errors.

International Monetary Fund

Albania was among the first countries to participate in the General Data Dissemination System (GDDS), posting its metadata on the Dissemination Standards Bulletin Board. Its metadata have been used as a model by other countries participating in the GDDS. Recommendations to increase further Albania’s adherence to internationally accepted statistical practices, and enhance the analytical usefulness of its statistics include additional staff resources, expanding and improving surveys, implementing measures to minimize errors in commercial banks’ reporting, and to speed up processes in addressing these errors.

International Monetary Fund

Albania enjoyed strong growth with comparatively benign external vulnerabilities before the crisis. Monetary policy provided timely support, and the exchange rate functioned as a shock absorber. However, policy buffers are now exhausted and must be rebuilt. Fiscal tightening has to be quickly effected. Medium-term fiscal policy should be governed by a credible and monitorable fiscal rule. The Albanian economy has to broaden its sources of growth and strengthen competitiveness. Sound macroeconomic statistics are essential for competent policy making and investor confidence.

International Monetary Fund

The global crisis left Albania fairly unscathed and ushered in the needed economic rebalancing. The policy framework has been challenged in the post-crisis environment significant headwinds. Despite improvement, external imbalances remain elevated. Fiscal consolidation in terms of a more realistic macroeconomic framework will require credible measures and sustained efforts. Financial sector supervision and regulation will need to stay ahead of evolving challenges. Boosting productivity by attracting foreign investment is essential for higher sustainable growth.

International Monetary Fund. European Dept.

Despite a stern global financial crisis and fiscal imbalances within the country, Albania's prudent policies supported its economy to grow and safeguarded the soundness of the financial system. The Executive Board of the International Monetary Fund (IMF) encouraged the authorities to use prospective privatization receipts mainly for debt reduction and clearance of unpaid bills. The Directors recognized that financial risks remained elevated, and called for continued supervisory vigilance. They stressed the need to accelerate structural reforms in many areas to boost potential growth.

International Monetary Fund. European Dept.

This 2013 Article IV Consultation for Albania focuses on economic developments and policies that have led to weakening and imbalance of the economy. It highlights that high nonperforming loans (NPLs) are constraining credit growth, and weak external drivers are preventing a sustained reduction in external imbalances. Reduction in NPLs would safeguard financial stability and help release credit supply constraints by lowering bank risk aversion. The authorities have requested a three-year arrangement with proposed access equivalent to SDR 295.42 million.

International Monetary Fund. European Dept.

Over the past few years, Albania has successfully maintained macroeconomic stability amidst a turbulent external environment. However, growth remains sluggish due to a weak Euro Area recovery and risk-averse banks. The current account deficit is expected to remain elevated as import-intensive FDI picks up. Headline inflation will likely remain subdued, due to imported disinflation and domestic slack. The medium-term outlook remains favorable, provided the reform momentum is maintained.

International Monetary Fund
Albania was among the first countries to participate in the General Data Dissemination System (GDDS), posting its metadata on the Dissemination Standards Bulletin Board. Its metadata have been used as a model by other countries participating in the GDDS. Recommendations to increase further Albania’s adherence to internationally accepted statistical practices, and enhance the analytical usefulness of its statistics include additional staff resources, expanding and improving surveys, implementing measures to minimize errors in commercial banks’ reporting, and to speed up processes in addressing these errors.