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International Monetary Fund

In this study, the report on the observance of standards and codes on the financial action task force (FATF) recommendations for antimoney laundering and combating the financing of terrorism for Albania was prepared by a team of the International Monetary Fund using the assessment methodology adopted by the financial action task force. The assessment is based on the information available at the time of the mission and other verifiable information subsequently provided by the authorities. The detailed assessment report on which this document is based was adopted by the MONEYVAL plenary.

International Monetary Fund

In this study, antimoney laundering and counterterrorist financing measures (AML/CFT) were summarized. The measures taken to strengthen the financing system are analyzed. Albania’s level of compliance with financial action task force (FATF) is assessed. Legal systems and related institutional measures are also explained. The preventive measures for financial institutions and nonfinancial businesses have also been ascribed. Finally, national and international cooperation has been discussed. The relevant issues related to AML/CFT measures have been analyzed in this paper.

International Monetary Fund

This Selected Issues paper and Statistical Appendix analyzes causes and consequences of real exchange rate appreciation in Albania. The paper highlights that Albania has experienced a sustained real appreciation since 1992, which appears to have been brought about by largely beneficial developments: price liberalization, productivity growth, external inflows, and a successful stabilization policy. The pace of appreciation has slowed in the last few years, and a real depreciation in 2002 has brought the real effective exchange rate back to its January 2000 level.

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
In this study, the report on the observance of standards and codes on the financial action task force (FATF) recommendations for antimoney laundering and combating the financing of terrorism for Albania was prepared by a team of the International Monetary Fund using the assessment methodology adopted by the financial action task force. The assessment is based on the information available at the time of the mission and other verifiable information subsequently provided by the authorities. The detailed assessment report on which this document is based was adopted by the MONEYVAL plenary.
International Monetary Fund. European Dept.
This paper explores Albania’s current account (CA) deficit that improved in 2016, but remains sizable. The EBA-Lite model results indicate that the external position is moderately weaker than implied by fundamentals and desirable policy settings. Adjusting for Albania’s specific circumstances, the current account gap is estimated at -1.0 percent and the real effective exchange rate is overvalued by about 6 percent, reflecting Albania’s low national saving and large FDI inflows. Though Albania has benefitted from the recent tourism boom in the region, the outlook for exports remains challenging. Despite its cost competitiveness, exports are narrowly concentrated in a few low-value added sectors while new investments in the nonenergy tradable sector are limited. To close Albania’s competitiveness gap and strengthen its external position, the authorities should complete key infrastructure projects to reduce transportation costs and address energy sector reliability; increase domestic savings; improve governance and the rule of law; and raise labor market efficiency by reducing skills shortages.
International Monetary Fund
This paper examines the Progress Report for Albania’s National Strategy for Socio-Economic Development (NSSED). 2002 was the first year of implementing the NSSED. The implementation process has been oriented toward achieving the annual objectives and in accordance with the program of public priority measures for 2002–04. The experience gained in NSSED implementation, the definition and improvements to objectives and medium-term NSSED measures, the Millennium Development Goals, and Albania’s European integration objectives have all contributed to further improvements of the vision and medium and long-term NSSED objectives.
International Monetary Fund
This paper examines Albania’s 2002 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Modification and Waiver of Performance Criterion. Economic growth appears to have fallen below a 7 percent estimated historical average, to 4.7 percent in 2002. High foreign investments and private remittances in 2001 have maintained robust import demand, reflected in a widening trade deficit in 2001 and the first half of 2002. The IMF staff supports the authorities’ request for completing the first program review and the request for a waiver.