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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Albania: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Albania
International Monetary Fund. European Dept.
Albania is on track to be one of the fastest growing economies in Europe in 2024, underpinned by tourism and prudent macroeconomic policies. Despite this strong performance, GDP per capita stands at just around a quarter of the EU-15 level. The economy is also facing structural headwinds, stemming from rapid population aging, emigration, low productivity, and governance shortcomings.
Keywords:
EU convergence criteria; EU accession discussion; EU accession; Youth Guarantee program; EU standard; Exchange rates; Europe; Global
Cover IMF Staff Country Reports
Albania: 2023 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. European Dept.
The 2023 Article IV Consultation discusses that the Albanian economy has shown remarkable resilience in the face of consecutive shocks. Returning inflation to target will likely require some further increases in the policy rate. The rising role of tourism has boosted confidence in the country’s prospects, a factor partly reflected in the steady appreciation of the lek. Elevated gross financing needs and a moderate debt level call for a credible consolidation starting in 2024 and anchored by a sound Medium-Term Revenue Strategy. Revenue measures should be accompanied by spending reallocation to greater outlays on climate adaptation, and education. Further progress in fiscal structural reforms will strengthen the management of public finances, investment, and fiscal risks. With real rates negative and below neutral, there is scope to further increase policy rates to ensure inflation converges to target by early 2025, but high uncertainty calls for a flexible and data-driven approach to policy settings. Supply-side policies that tackle corruption develop and retain human capital, boost female labor force participation and close infrastructure gaps would amplify gains from sound and prudent policies and bolster long-term growth.
Keywords:
policy rate increase; headline inflation; liability positions vis-à-vis nonresident; budgetary funds; EU accession prospect; foreign currency; General government operation; Currencies; Global; Europe
Cover IMF Working Papers
The Future of PPPs in the Western Balkans
Mr. Jan Kees Martijn
,
Ms. Yan M Sun
,
William Lindquist
,
Yen N Mooi
,
Ezgi O. Ozturk
,
Hoda Selim
, and
Armine Khachatryan
Public-Private Partnerships (PPPs) are increasingly an important vehicle for several Western Balkan countries to increase investment to reduce their infrastructure gaps. While there are benefits to well-designed and implemented PPPs, they also carry a potential for large fiscal risks and increased costs if not managed well. Countries with successful PPP programs typically benefit from a clear and well-designed PPP governance framework, which covers all stages of the PPP life cycle. Western Balkan countries need to address gaps in their PPP governance frameworks to fully reap the potential benefits from PPPs.
Keywords:
Infrastructure; Public-private partnerships; Western Balkans; governance framework; PPP procurement; PPP life cycle; future of PPP; PPP project; Fiscal risks; Public investment spending; PPP legislation; Risks of public-private partnership; Europe; Global
Cover IMF Staff Country Reports
Albania: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Albania
International Monetary Fund. European Dept.
Past efforts to build policy buffers and a broadly appropriate macroeconomic policy mix during 2020–21 have helped Albania withstand the impact of consecutive shocks since 2019. Growth is expected to remain solid in 2022 before decelerating in 2023, and inflation is projected to return to the central bank’s target only in 2024. There is considerable uncertainty. Risks to growth are tilted to the downside and risks to inflation are to the upside.
Keywords:
inflation expectation; monetary policy decision; monetary policy transmission mechanism; policy buffer; policy advice; Inflation; Global; Europe
Cover The IMF and Capacity Development: Evaluation Report 2022
The IMF and Capacity Development: Evaluation Report 2022
International Monetary Fund. Independent Evaluation Office

Abstract

Capacity development (CD) is a key function of the IMF, aiming to assist its member countries develop their institutional and human capacity to design and implement sound macroeconomic and financial policies. CD has been provided to all IMF member countries at some point, although it is directed mainly toward low- and middle-income countries. CD represents about one-third of the IMF’s administrative budget, having expanded substantially in the past decade. This evaluation assesses how effective the IMF has been in meeting the CD needs and expectations of recipient countries, and the Fund’s institutional objectives for CD, during 2012-20. It also provides an initial review of how IMF CD adapted to the challenges of the COVID-19 pandemic. The evaluation finds that IMF CD was relevant, valued, and broadly effective. Recipients, donors, and the wider membership saw IMF CD as being of the highest technical quality in the Fund’s core areas of expertise and generally perceived that it had become better tailored to recipient needs and circumstances. Overall, Fund CD has supported member countries in building the institutional capacity, in a very wide range of country circumstances. The IMF has also put substantial effort into integrating CD with surveillance and programs, which has in general enhanced its overall engagement with member countries. While recognizing these achievements, the evaluation also identifies a number of important shortcomings and challenges. The evaluation includes recommendations to enhance the strategic framework for, and prioritization of, CD; information available to Executive Directors and opportunities to exercise their oversight role; the integration of CD with surveillance and programs, particularly in the context of programs; CD ownership and delivery; the monitoring and evaluation framework; the sustainability of the CD funding model; and HR policies and incentives to maintain and develop the expertise in the Fund’s core and newly emerging CD topics.

Keywords:
Capacity Development; Technical Assistance; Training; Donors; Capacity Building; Institutional Capacity; IMF CD; CD strategy review; CD resource; CD ownership; CD work; COVID-19; Absorptive capacity; Climate change; Information and data management; Global; Middle East and Central Asia; Middle East; Central America; Southeast Asia; North Africa; Africa; Western Hemisphere; Europe; Asia and Pacific
Cover IMF Staff Country Reports
Albania: Technical Assistance Report-Medium-Term Revenue Strategy: Revenue Administration Reform Options
International Monetary Fund. Fiscal Affairs Dept.
Albania is formulating a Medium-Term Revenue Strategy (MTRS) with IMF support. The decision to commit to the development of an MTRS was taken against the background of revenue persistently falling short of budget projections, revenue continuing to lag behind regional peers in tax to Gross Domestic Product (GDP) ratios and the Government’s assessment that an increase of revenue of 2.2 – 3.0 percent of GDP will be required to finance its additional spending needs over the next five years.
Keywords:
FAD mission; MTRS governance arrangement; increase tax certainty; I. MTRS gap analysis; MTRS development; B. MTRS context; MTRS approach; IMF's Fiscal Affairs Department; Medium term revenue strategy; Tax administration core functions; Value-added tax; Training and development in revenue administration; Global; Eastern Europe
Cover IMF Staff Country Reports
Albania: Enhancing Tax Administration Capacity During Challenging Times
International Monetary Fund. Fiscal Affairs Dept.
The purpose of this mission was to assist the General Directorate of Taxes (GDT) in taking stock of reform efforts and provide advice on future efforts. In recent years, the GDT made solid progress in realizing its reform agenda. The mission took stock of the reform achievements and identifies areas which require further improvement.
Keywords:
tax administration progress; GDT achievement; declaration accuracy; installment arrangement; tax law interpretation; tax administration improvement; assessment tool; core tax Functions; Large taxpayer office; Auditing; Tax administration core functions; Tax refunds; Tax arrears management; Europe
Cover IMF Staff Country Reports
Albania: Technical Assistance Report-Tax Policy Reform Options for the MTRS
International Monetary Fund. Fiscal Affairs Dept.
Albania is preparing a Medium-Term Revenue Strategy (MTRS) to finance its development spending of an estimated 2.2–3.0 percent of GDP over five years. Revenue mobilization will be supported by comprehensive tax policy and administration reforms. International and regional comparisons suggest that there is room for additional revenues as well as improvement in the composition of tax revenues. This report presents options for tax policy reform to raise at least an additional 1.34 percent of GDP in revenues over five years and to improve the quality and efficiency of the tax system, that will enable the mobilization of further domestic revenues.
Keywords:
IMF resident representative office; Reform proposal; IMF's Fiscal Affairs Department; c-efficiency ratio; VAT revenue; value-added tax; Value-added tax; Personal income tax; Corporate income tax; Social security contributions; Central and Eastern Europe; Europe
Cover IMF Staff Country Reports
Albania: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Albania
International Monetary Fund. European Dept.
Albania’s economy has shown considerable resilience in the face of the 2019 earthquake and the pandemic. After the hardship endured in 2020, real GDP is rebounding strongly by a projected 7.8 percent in 2021. Policies have played a critical role in preserving lives and livelihoods and thereby paving the way for the recovery. The key challenges now are to invest efficiently in people and the economy to support the continued development of the country and to rebuild room for fiscal policy maneuver by lowering the very high fiscal deficit and public debt.
Keywords:
economy firm; inflation expectation; fiscal policy support; Albanian economy; financing assessment; fund surveillance; IMF's transparency policy; Minimum wages; Global; Europe
Cover IMF Staff Country Reports
Albania: First Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania
International Monetary Fund. European Dept.
Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic. The authorities responded promptly to the shocks, and macroeconomic and financial stability have so far been maintained. The economy is expected to contract sharply in 2020, followed by a gradual recovery in 2021-22. The outlook is subject to major uncertainty and rising downside risks as a second wave is gripping many countries in Europe. Albania’s capacity to repay the Fund is adequate, but risks have risen in light of the shocks. Aside from a more severe pandemic, key risks stem from elevated public deficits and debt, weaknesses in public finances, and a relatively high level of non-performing loans (NPLs) and euroization.
Keywords:
ISCR; CR; test positivity rate; staff appraisal; test rate; night curfew; BoA stress-test; COVID-19; Budget planning and preparation; Europe