Abstract
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.
I. Fund Relations
As of March 31, 2010
I. Membership Status: Joined: 10/15/1991; Article XIV
II. General Resources Account:
| SDR Million | Percent Quota | |
| Quota | 48.70 | 100.00 |
| Fund Holdings of Currency | 53.87 | 110.62 |
| Reserve position in Fund | 3.35 | 6.89 |
| SDR Million | Percent Quota | |
| Quota | 48.70 | 100.00 |
| Fund Holdings of Currency | 53.87 | 110.62 |
| Reserve position in Fund | 3.35 | 6.89 |
III. SDR Department:
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 46.45 | 100.00 |
| Holdings | 46.65 | 100.42 |
| SDR Million | Percent Allocation | |
| Net cumulative allocation | 46.45 | 100.00 |
| Holdings | 46.65 | 100.42 |
IV. Outstanding Purchases and Loans:
| SDR Million | Percent Quota | |
| Extended Arrangement | 8.52 | 17.50 |
| PRGF Arrangements | 33.35 | 68.47 |
| SDR Million | Percent Quota | |
| Extended Arrangement | 8.52 | 17.50 |
| PRGF Arrangements | 33.35 | 68.47 |
V. Financial Arrangements:
| Type | Approval Date |
Expiration Date |
Amount Approved (SDR Million) |
Amount Drawn (SDR Million) |
|---|---|---|---|---|
| EFF | 2/01/2006 | 1/31/2009 | 8.52 | 8.52 |
| PRGF | 2/01/2006 | 1/31/2009 | 8.52 | 8.52 |
| PRGF | 6/21/2002 | 11/20/2005 | 28.00 | 28.00 |
| Type | Approval Date |
Expiration Date |
Amount Approved (SDR Million) |
Amount Drawn (SDR Million) |
|---|---|---|---|---|
| EFF | 2/01/2006 | 1/31/2009 | 8.52 | 8.52 |
| PRGF | 2/01/2006 | 1/31/2009 | 8.52 | 8.52 |
| PRGF | 6/21/2002 | 11/20/2005 | 28.00 | 28.00 |
VI. Projected Payments to the Fund (Expectation Basis)
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2010 | 2011 | 2012 | 2013 | 2014 | |
| Principal | 4.31 | 7.64 | 6.72 | 6.81 | 5.80 |
| Charges/Interest | 0.09 | 0.11 | 0.14 | 0.11 | 0.09 |
| Total | 4.40 | 7.75 | 6.86 | 6.93 | 5.89 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2010 | 2011 | 2012 | 2013 | 2014 | |
| Principal | 4.31 | 7.64 | 6.72 | 6.81 | 5.80 |
| Charges/Interest | 0.09 | 0.11 | 0.14 | 0.11 | 0.09 |
| Total | 4.40 | 7.75 | 6.86 | 6.93 | 5.89 |
VII. Safeguards Assessments:
The Bank of Albania (BoA) was subject to a safeguards assessment with respect to current arrangements. The most recent assessment was completed on July 14, 2006 and found that some weaknesses exist in the central bank’s safeguards framework. The main vulnerabilities identified by the assessment concern the quality of the external audit, oversight of the external and internal audit functions and the system of internal controls, and certain weaknesses in the controls over the Fund data reporting process. The assessment recommended measures to alleviate these weaknesses. The authorities have taken steps to improve the external audit process and staff will monitor the implementation of the remaining recommendations.
VIII. Exchange Rate Arrangement:
On July 1, 1992 the Albanian authorities adopted a floating exchange rate system. Under the Fund’s de facto exchange rate regime classification, Albania follows a floating exchange rate regime, with the monetary authorities occasionally intervening in the foreign exchange market in order to avoid excessive and short term disruptions in the functioning of the market and to accumulate reserves. Albania’s exchange rate arrangement is free from exchange restrictions and multiple currency practices subject to Fund jurisdiction under Article VIII. However, the country still avails itself of the transitional arrangements under Article XIV and maintains exchange restrictions in the form of outstanding debit balances on inoperative bilateral payment agreements, which were in place before Albania became a Fund member. These relate primarily to debt in nonconvertible and formerly nonconvertible currencies. Albania has not imposed new restrictions under Article VIII. The exchange rate stood at lek 103.31 per U.S. dollar at end-March 2010.
IX. Article IV Consultation:
The conclusion of the 2008 Article IV consultation and the fifth review under the PRGF/EFF-supported program took place in July 2008 (IMF Country Report No. 08/267).
X. FSAP Participation and ROSCs:
An FSAP was carried out in early 2005. The Financial System Stability Assessment was considered by the Executive Board on August 1, 2005 concurrently with the staff report for the sixth review of the PRGF-supported program and financing assurances review. An action plan for implementing the FSAP recommendations has been prepared in consultation with the IMF. A data module ROSC was published on the Fund’s website in June 2000. A fiscal ROSC was completed in June 2003. Albania participates in the General Data Dissemination System (GDDS), and a complete set of GDDS metadata for the external, financial, fiscal, and real sectors, as well as for the socio-demographic indicators is posted on the Fund’s Dissemination Standards Bulletin Board (http://dsbb.imf.org). A data module ROSC reassessment using the Data Quality Assessment Framework was conducted in March 2006.
XI. Technical Assistance:
The Fund, other multilateral organizations and donors have provided extensive assistance for institutional development in Albania. The Fund has sent several technical assistance missions to Albania every year since 1991. The extent and focus of Fund TA since FY 2008 is briefly listed below.
Albania—Technical Assistance Since FY2008
Albania—Technical Assistance Since FY2008
| Department | Purpose | Date |
|---|---|---|
| FAD | Cash Management and Public Finance Strategy | May 2008 |
| Revenue Administration | October/November 2008 | |
| Advice on IT Strategy and Business Process Reengineering | April 2009; March 2010 | |
| Tax Administration | April 2009; March 2010 | |
| LEGAL | Review of the Albanian AML/CFT law | August 2007 |
| TA on Repurchase Transactions Law | March 2008 | |
| Banking Seminar for Judges and Bank Regulators | November 2008 | |
| TA in Central Banking Law | April 2009 | |
| TA on Payments Systems | May 2009 | |
| MCM | Monetary Policy | 25 visits between June 2007 and April 2010; |
| Management | June, July 2007 | |
| Credit Registry | October 2007; January 2008 | |
| Modeling and Forecasting | October 2007; March 2008 | |
| Monetary Policy Strategy for Small Countries | December 2007; | |
| Banking Supervision | 13 visits between February 2008 and March 2010; | |
| Delivery vs. Payment | April/May 2008 | |
| (together with LEGAL) | Central Bank Law | April 2009: February 2010 |
| Treasury Bill Registry | November 2009 | |
| Modeling of Monetary Policy | December 2009; March, April 2010 | |
| STATISTICS | Balance of Payment Statistics | September–October 2007 |
| GDDS: Consultation | October 2007 | |
| STE: Consumer Prices/Producer Price | November 2007 | |
| LTE: Government Finance Statistics | February 2008 | |
| STE National Accounts Statistics | 5 visits between February 2008 and November 2009 | |
| SDDS: Assessment | April 2010 |
Albania—Technical Assistance Since FY2008
| Department | Purpose | Date |
|---|---|---|
| FAD | Cash Management and Public Finance Strategy | May 2008 |
| Revenue Administration | October/November 2008 | |
| Advice on IT Strategy and Business Process Reengineering | April 2009; March 2010 | |
| Tax Administration | April 2009; March 2010 | |
| LEGAL | Review of the Albanian AML/CFT law | August 2007 |
| TA on Repurchase Transactions Law | March 2008 | |
| Banking Seminar for Judges and Bank Regulators | November 2008 | |
| TA in Central Banking Law | April 2009 | |
| TA on Payments Systems | May 2009 | |
| MCM | Monetary Policy | 25 visits between June 2007 and April 2010; |
| Management | June, July 2007 | |
| Credit Registry | October 2007; January 2008 | |
| Modeling and Forecasting | October 2007; March 2008 | |
| Monetary Policy Strategy for Small Countries | December 2007; | |
| Banking Supervision | 13 visits between February 2008 and March 2010; | |
| Delivery vs. Payment | April/May 2008 | |
| (together with LEGAL) | Central Bank Law | April 2009: February 2010 |
| Treasury Bill Registry | November 2009 | |
| Modeling of Monetary Policy | December 2009; March, April 2010 | |
| STATISTICS | Balance of Payment Statistics | September–October 2007 |
| GDDS: Consultation | October 2007 | |
| STE: Consumer Prices/Producer Price | November 2007 | |
| LTE: Government Finance Statistics | February 2008 | |
| STE National Accounts Statistics | 5 visits between February 2008 and November 2009 | |
| SDDS: Assessment | April 2010 |
IX. Resident Representative:
A Fund resident representative was posted in Tirana from April 1993 to August 2009. Ms. Ann-Margret Westin filled the position from August 2005 to August 2009.
II. IMF-World Bank Relations
Albania: Bank-Fund Joint Management Action Plan Matrix
(As of April 2010)
Albania: Bank-Fund Joint Management Action Plan Matrix
(As of April 2010)
| Title | Product | Provisional Timing of missions | Expected Delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| The World Bank work program in the next 12 months | Budget support: | ||
| Social Sector Reform DPL ($25 million) | February 2010 | May 25, 2010 | |
| Analytical work: | |||
| Country Economic Memorandum | March 2010 | April 2010 | |
| Institutional and Governance Review | March 2010 | April 2010 | |
| Country Partnership Strategy | Ongoing starting Jan 2010 | May 25, 2010 | |
| Technical Assistance: | |||
| Program of Accounting Reform and Institutional Strengthening (REPARIS) (Technical Assistance −$7.5 million) | February 2010 | April 2010 | |
| Multi-donor Trust Fund: Capacity Building & Support to Implement the Integrated Planning System (support for Public Finance reform) | February, May, September 2010 | Ongoing | |
| Social Protection TA | [2?] missions | June 2010 | |
| The Fund work program in the next 12 months |
Surveillance:
Technical assistance: Monetary and Financial sector
Fiscal sector
Statistics
|
|
|
| B. Requests for work program inputs (as needed) | |||
| Fund request to Bank |
|
||
| Bank request to Fund |
|
||
| C. Agreements on joint products and missions | |||
| Joint products in next 12 months | Bank staff to participate in the 2010 Article IV consultation mission. | February-March 2010 | |
Albania: Bank-Fund Joint Management Action Plan Matrix
(As of April 2010)
| Title | Product | Provisional Timing of missions | Expected Delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| The World Bank work program in the next 12 months | Budget support: | ||
| Social Sector Reform DPL ($25 million) | February 2010 | May 25, 2010 | |
| Analytical work: | |||
| Country Economic Memorandum | March 2010 | April 2010 | |
| Institutional and Governance Review | March 2010 | April 2010 | |
| Country Partnership Strategy | Ongoing starting Jan 2010 | May 25, 2010 | |
| Technical Assistance: | |||
| Program of Accounting Reform and Institutional Strengthening (REPARIS) (Technical Assistance −$7.5 million) | February 2010 | April 2010 | |
| Multi-donor Trust Fund: Capacity Building & Support to Implement the Integrated Planning System (support for Public Finance reform) | February, May, September 2010 | Ongoing | |
| Social Protection TA | [2?] missions | June 2010 | |
| The Fund work program in the next 12 months |
Surveillance:
Technical assistance: Monetary and Financial sector
Fiscal sector
Statistics
|
|
|
| B. Requests for work program inputs (as needed) | |||
| Fund request to Bank |
|
||
| Bank request to Fund |
|
||
| C. Agreements on joint products and missions | |||
| Joint products in next 12 months | Bank staff to participate in the 2010 Article IV consultation mission. | February-March 2010 | |
III. Albania: Statistical Issues
April 6, 2010
| A. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. The main obstacles are in real sector statistics. | |
| National Accounts: National accounts are compiled from insufficient and poor quality sources. While technical assistance has been provided on methodological procedures, source data still do not provide sufficient information to compile reliable estimates on the unobserved economy. In November 2005, the Institute of Statistics (INSTAT) released major revisions of the national accounts estimates for 1996–2003 and updates for 2004, reflecting methodological improvements. INSTAT has benefited from technical assistance from the Fund and the European Union, mainly to address weaknesses in methodology, basic data sources, and coverage of the private sector. STA provided technical assistance through peripatetic missions in 2008 and 2009. The Labor Force Survey was incorporated into the estimates of the unobserved economy in the annual national accounts while attempts were made to use the Household Budget Survey to develop a new benchmark estimate of private consumption. A new methodology for gross fixed capital formation based on a commodity flow approach was developed. Quarterly national accounts were compiled during the project and are now being published. Due to severe resource constraints at INSTAT, the improvement in the national accounts has been relatively slow. Price statistics: Compilation generally follows international standards, and the estimation of imputed rent within the CPI was improved in 2003. In December 2007, INSTAT has updated the CPI weights using the results of a new national-level HBS conducted during the period October 2006–September 2007. PPI has been published only quarterly due to financial constraints. The weights were derived from the 1998 annual Structural Business Survey. |
|
| Government finance statistics: GFS generally follow the Government Finance Statistics Manual 1986. External donor financed-projects that do not pass through the treasury system represent a weakness in source data. | |
| Monetary statistics: The monetary data compilation framework conforms to the methodology recommended in the Monetary and Financial Statistics Manual (MFSM) 2000. The depository corporations survey covers the Bank of Albania (BoA) and all the other deposit-taking institutions (commercial banks and savings and loans associations (SLAs)). The accounts of the SLAs, with the exception of loans, are produced on a cash basis, which contrasts with the MFSM’s recommendations of accrual accounting. Another deviation from the MFSM’s methodology is that the BoA’s and commercial banks’ holdings of nontradable long-term securities are recorded at book value. | |
| External sector statistics: The Balance of payments data compiled by the BoA are methodologically sound, although some of the estimates, particularly for international transactions outside the banking system need to be refined. Problems remain in the areas of service transactions and remittances, and in the monitoring of financial account transactions, foreign assistance (grants from abroad to regional and local governments are underreported), and external debt. A September–October 2007 mission noted strong progress in adopting earlier recommendations but advised that estimation methods for transactions outside the banking system (mostly remittances and investment transactions by nonresident Albanians) require further improvement. The external debt database ensures timely and accurate reporting of external government debt (including commitments of state-owned enterprises). However, there have been some irregularities in the recording and presentation of external arrears. The collection of data on external grants is not timely, with lags of several months frequently encountered. |
|
| B. Data Standards and Quality | |
| Albania participates in the General Data Dissemination System (GDDS). |
Data ROSC published on October 2006. |
| A. Assessment of Data Adequacy for Surveillance | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. The main obstacles are in real sector statistics. | |
| National Accounts: National accounts are compiled from insufficient and poor quality sources. While technical assistance has been provided on methodological procedures, source data still do not provide sufficient information to compile reliable estimates on the unobserved economy. In November 2005, the Institute of Statistics (INSTAT) released major revisions of the national accounts estimates for 1996–2003 and updates for 2004, reflecting methodological improvements. INSTAT has benefited from technical assistance from the Fund and the European Union, mainly to address weaknesses in methodology, basic data sources, and coverage of the private sector. STA provided technical assistance through peripatetic missions in 2008 and 2009. The Labor Force Survey was incorporated into the estimates of the unobserved economy in the annual national accounts while attempts were made to use the Household Budget Survey to develop a new benchmark estimate of private consumption. A new methodology for gross fixed capital formation based on a commodity flow approach was developed. Quarterly national accounts were compiled during the project and are now being published. Due to severe resource constraints at INSTAT, the improvement in the national accounts has been relatively slow. Price statistics: Compilation generally follows international standards, and the estimation of imputed rent within the CPI was improved in 2003. In December 2007, INSTAT has updated the CPI weights using the results of a new national-level HBS conducted during the period October 2006–September 2007. PPI has been published only quarterly due to financial constraints. The weights were derived from the 1998 annual Structural Business Survey. |
|
| Government finance statistics: GFS generally follow the Government Finance Statistics Manual 1986. External donor financed-projects that do not pass through the treasury system represent a weakness in source data. | |
| Monetary statistics: The monetary data compilation framework conforms to the methodology recommended in the Monetary and Financial Statistics Manual (MFSM) 2000. The depository corporations survey covers the Bank of Albania (BoA) and all the other deposit-taking institutions (commercial banks and savings and loans associations (SLAs)). The accounts of the SLAs, with the exception of loans, are produced on a cash basis, which contrasts with the MFSM’s recommendations of accrual accounting. Another deviation from the MFSM’s methodology is that the BoA’s and commercial banks’ holdings of nontradable long-term securities are recorded at book value. | |
| External sector statistics: The Balance of payments data compiled by the BoA are methodologically sound, although some of the estimates, particularly for international transactions outside the banking system need to be refined. Problems remain in the areas of service transactions and remittances, and in the monitoring of financial account transactions, foreign assistance (grants from abroad to regional and local governments are underreported), and external debt. A September–October 2007 mission noted strong progress in adopting earlier recommendations but advised that estimation methods for transactions outside the banking system (mostly remittances and investment transactions by nonresident Albanians) require further improvement. The external debt database ensures timely and accurate reporting of external government debt (including commitments of state-owned enterprises). However, there have been some irregularities in the recording and presentation of external arrears. The collection of data on external grants is not timely, with lags of several months frequently encountered. |
|
| B. Data Standards and Quality | |
| Albania participates in the General Data Dissemination System (GDDS). |
Data ROSC published on October 2006. |
Albania: Table of Common Indicators Required for Surveillance
As of April 5, 2010
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis a vis nonresidents. The IIP is currently being developed by the Albanian authorities and is not yet published. The authorities will publish the data once quality checks have been completed.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC published on October 31, 2006, and based on the findings of the mission that took place March 8–22, 2006, for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies
Albania: Table of Common Indicators Required for Surveillance
As of April 5, 2010
| Date of latest observation | Date received | Frequency of Data7 | Frequency of reporting7 | Frequency of publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality–MethodologicalSoundness8 | Data Quality–Accuracy and Reliability9 | ||||||
| Exchange Rates | 04/05/10 | 04/05/10 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 |
04/02/10 | 04/05/10 | D | W | M | ||
| Reserve/Base Money | 04/02/10 | 04/05/10 | D and M | W and M | M | ||
| Broad Money | February 10 | 03/30/10 | M | M | M | O, O, O, LO | O, LO, LO, O, O |
| Central Bank Balance Sheet | February 10 | 03/30/10 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System |
February 10 | 03/30/10 | M | M | M | ||
| Interest Rates2 | 04/05/10 | 04/05/10 | D | D | D | ||
| Consumer Price Index | February 09 | 03/08/10 | M | M | M | O, LO, O, LO | LO, LO, LO, O, O |
| Revenue, Expenditure, Balance and Composition of Financing3 - General Government4 |
December 2009 | 2/18/10 | M | M | M | LO, O, O, O | LO, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing3- Central Government |
December 2009 | 2/18/10 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 |
December 2009 | 02/18/10 | Q | Q | A | ||
| External Current Account Balance | 2009Q4 | 03/10/10 | Q | I | I | O, O, O, LO | LNO, O, LO, LO, O |
| Exports and Imports of Goods and Services |
January 2010 | 02/25/10 | M | Q | Q | ||
| GDP/GNP | 2008 | 11/09 | A | A | A | O, LNO, O, LO | LNO, O, LNO, LO, LO |
| Gross External Debt | 2009Q3 | 2/26/10 | Q | I | NA | ||
| International Investment position6 | 2008 | 2/25/10 | A | A | NA | ||
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis a vis nonresidents. The IIP is currently being developed by the Albanian authorities and is not yet published. The authorities will publish the data once quality checks have been completed.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC published on October 31, 2006, and based on the findings of the mission that took place March 8–22, 2006, for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies
Albania: Table of Common Indicators Required for Surveillance
As of April 5, 2010
| Date of latest observation | Date received | Frequency of Data7 | Frequency of reporting7 | Frequency of publication7 | Memo Items: | ||
|---|---|---|---|---|---|---|---|
| Data Quality–MethodologicalSoundness8 | Data Quality–Accuracy and Reliability9 | ||||||
| Exchange Rates | 04/05/10 | 04/05/10 | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 |
04/02/10 | 04/05/10 | D | W | M | ||
| Reserve/Base Money | 04/02/10 | 04/05/10 | D and M | W and M | M | ||
| Broad Money | February 10 | 03/30/10 | M | M | M | O, O, O, LO | O, LO, LO, O, O |
| Central Bank Balance Sheet | February 10 | 03/30/10 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System |
February 10 | 03/30/10 | M | M | M | ||
| Interest Rates2 | 04/05/10 | 04/05/10 | D | D | D | ||
| Consumer Price Index | February 09 | 03/08/10 | M | M | M | O, LO, O, LO | LO, LO, LO, O, O |
| Revenue, Expenditure, Balance and Composition of Financing3 - General Government4 |
December 2009 | 2/18/10 | M | M | M | LO, O, O, O | LO, O, O, O, O |
| Revenue, Expenditure, Balance and Composition of Financing3- Central Government |
December 2009 | 2/18/10 | M | M | M | ||
| Stocks of Central Government and Central Government-Guaranteed Debt5 |
December 2009 | 02/18/10 | Q | Q | A | ||
| External Current Account Balance | 2009Q4 | 03/10/10 | Q | I | I | O, O, O, LO | LNO, O, LO, LO, O |
| Exports and Imports of Goods and Services |
January 2010 | 02/25/10 | M | Q | Q | ||
| GDP/GNP | 2008 | 11/09 | A | A | A | O, LNO, O, LO | LNO, O, LNO, LO, LO |
| Gross External Debt | 2009Q3 | 2/26/10 | Q | I | NA | ||
| International Investment position6 | 2008 | 2/25/10 | A | A | NA | ||
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis a vis nonresidents. The IIP is currently being developed by the Albanian authorities and is not yet published. The authorities will publish the data once quality checks have been completed.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC published on October 31, 2006, and based on the findings of the mission that took place March 8–22, 2006, for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).
Same as footnote 8, except referring to international standards concerning source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies