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International Monetary Fund. European Dept.

The Kosovar authorities thank staff for their cooperation and constructive discussions during the 2015 Article IV consultation mission in Prishtina. They highly value the ongoing policy dialogue with the Fund and note that the Fund’s policy analysis and advice are very useful in shaping their policy agenda. They broadly agree with staff’s assessment and the main challenges facing the Kosovar economy. After six months of a political stalemate following the June 2014 parliamentary elections, a grand coalition was formed, comprising the two largest political

International Monetary Fund. European Dept.

On behalf of our Kosovar authorities, we thank staff and Management for the fruitful policy discussions and support during the 2013 Article IV consultations and the fourth review under the Stand-by Arrangement. These exchanges of views are very helpful for the authorities when designing their policies. Since the last review in April, there have been very positive developments in terms of relations with the European Union (EU). On April 19, 2013, the governments of Kosovo and Serbia completed an agreement that would allow both countries to apply for EU

International Monetary Fund. European Dept.

On behalf of our Kosovar authorities, we thank staff and Management for the fruitful policy discussions and support during the 2013 Article IV consultations and the fourth review under the Stand-by Arrangement. These exchanges of views are very helpful for the authorities when designing their policies. Since the last review in April, there have been very positive developments in terms of relations with the European Union (EU). On April 19, 2013, the governments of Kosovo and Serbia completed an agreement that would allow both countries to apply for EU

International Monetary Fund. European Dept.

On behalf of our Kosovar authorities, we would like to thank management and staff for the constructive discussions and their support for a new 22-month Stand-by Arrangement (SBA) in the amount of SDR 147.5 million (250 percent of quota). While Kosovo is in a solid fiscal and financial position, the new arrangement with the Fund will build upon the progress accomplished over the recent years while further strengthening the macro-economic framework and accelerating the implementation of structural reforms. In this vein, the SBA will support the authorities

International Monetary Fund. European Dept.

On behalf of the Kosovar authorities, I would like to thank the Mission Chief for Kosovo, Gabriel Di Bella and his entire team for the very constructive and productive discussions. While the results achieved by the authorities in many areas were confirmed by staff, many opportunities for further reforms and improvements were identified. The authorities broadly share staff’s assessments and recommendations. COVID-19 response At the onset of the pandemic, the Kosovo Government took decisive measures to contain the spread of the virus, including domestic and

International Monetary Fund. European Dept.
This staff report on the Republic of Kosovo’s Fourth Review under the Stand-By Arrangement discusses macroeconomic and financial policies. Banking-sector soundness indicators have remained largely unchanged. The revenue shortfall owed to a mix of lower than programmed customs receipts, and delays in receiving transfers from the sales of telecommunication licenses, and lignite royalties. The shortfall was only partially compensated by higher domestic tax collection, and the earlier than expected receipt in dividends from Post and Telecom of Kosovo. Passage of the rules-based fiscal framework would be a key step toward ensuring fiscal sustainability in the longer term.
International Monetary Fund. European Dept.

The Kosovar authorities are grateful for the constructive dialogue and cooperation with the Fund staff. Technical assistance by the Fund, the World Bank and donors has been very helpful to design policies for improving institutional capacity and the resilience of the economy. Three years after becoming an IMF and World Bank member, the EBRD Board agreed to give Kosovo membership, an important step towards participating even more in regional integration and meeting its development goals. Despite the crisis in Europe, Kosovo’s economy is performing well due to

International Monetary Fund. European Dept.
This staff report on the Republic of Kosovo’s 2013 Article IV Consultation focuses on economic and financial developments. Kosovo’s economy is excessively dependent on inflows from the diaspora. It is found that while these inflows support incomes, they finance primarily consumption and investments in nontradables, such as real estate or services, and contribute little to the build-up of productive capacity. Goods exports are less than 10 percent of GDP and concentrated in sectors with a low-value added component, notably metals. A coherent strategy is needed to improve competitiveness, foster the development of a tradable sector, and lay the basis for self-sustained growth.
International Monetary Fund. European Dept.
This 2015 Article IV Consultation highlights that growth in Kosovo has proven relatively resilient and stronger than in its western Balkan neighbors, averaging slightly more than 3 percent over the last five years. Steady remittances from the diaspora living in advanced European economies continue to be a key driver of growth, supporting as they have private consumption and investment. Medium-term growth prospects of some 3.5 percent per year, while reasonable, are not strong enough to steadily lift incomes towards regional standards, or to create enough jobs in a country with very high unemployment. Kosovo’s banks remain liquid, well capitalized, and profitable. Nonperforming loans ratios are slightly elevated at 8.4 percent, but are stable and fully provisioned.
International Monetary Fund. European Dept.
Kosovo has been hit hard by the COVID-19 pandemic. Despite policy support, economic activity is estimated to have fallen 6 percent in 2020 on account of the combined effect of strict domestic containment measures and international travel restrictions. The fiscal deficit increased to 7.7 percent of GDP, given the large fall in tax revenues and the implementation of mitigation and recovery measures of 4.2 percent of GDP. The current account deficit is estimated to have increased to 7.5 percent of GDP mainly due to a large decline in diaspora-related inflows, most notably in tourism. Gross international reserves declined but remain adequate in part due to the purchase under the IMF’s Rapid Financing Instrument (RFI) in April 2020 and the use of other external financing. Banks have weathered the recession well to date, and the high pre-COVID19 liquidity levels and ample capital buffers bode well for the system’s stability.