Mr. R. B. Johnston, Mrs. Piroska M Nagy, Mr. Roy Pepper, Mr. Mauro Mecagni, Ms. Ratna Sahay, Mr. Mario I. Bléjer, and Mr. Richard J Hides
This study reviews Albania's historical and political background, as well as economic developments in 1991. It describes the centrally planned economic system up to the onset of reform and analyzes economic performance in the 1980s.
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.
This paper focuses on Albania’s Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review. Performance since the third review has been satisfactory overall, although 2003 fiscal revenue fell short of the ambitious budget targets. All quantitative performance criteria for end-March 2004 were met. The end-December 2003 indicative target for net credit to government was also met substantially despite revenue and external assistance.
International Monetary Fund. External Relations Dept.
Funding the IMF; Middle East and Central Asia economic outlook; Is globalization a choice?; Latin American reform; Trade conference; Aid effectiveness; Long-term interest rates in G7 countries; Wage flexibility; Joint external debt website launched.