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Zhang: Albania should maintain pace in pushing reforms

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TIRANA, Feb 13 /ATA/ – Following a meeting with the Minister of Finance and Economy, Arben Ahmetaj, the visiting Deputy Managing Director of the International Monetary Fund (IMF), Tao Zhang, was received on Tuesday by the Governor of the Bank of Albania, Gent Sejko.

The senior IMF official commended Albania’s central bank for prudent policies, which have contributed to maintaining the country’s macroeconomic stability and consolidating the financial system.

Zhang said Albania is now making progress in terms of convergence and added that, taking into account that the global economy is growing with positive rates, it is the right time for Albania to continue undertaking further reforms.

Speaking about the economic activity in Albania, IMF official pointed out that keeping the reform momentum and strengthening the institutions and governance is crucial for improving the business climate and attracting foreign investments in Albania.

Governor Sejko highlighted the very good cooperation with the IMF, whose technical assistance has contributed to the economic and financial reforms in Albania.

Sejko noted that the Bank of Albania has placed its focus on its main objective, maintaining price stability. He added that Bank of Albania, exercising its role as the monetary authority, has contributed to supporting a stable economic growth and guaranteeing financial and macro-economic stability in Albania.

Central bank’s governor pointed out to the stable financial indicators of the Albanian banking system, and addressed other issues such as supporting sound lending and reducing non-performing loans ratio, standing at 13.2% in December.

The Governor presented an overview of the macro-economic situation, highlighting that economic activity in Albania has continued to improve. Notwithstanding the progress, the domestic authorities remain committed to contribute for the further development of Albania, and the acceleration and expansion of the undertaken reforms, in the framework of European Union integration process.

Further, Governor Sejko introduced the de-euroisation package, as a considerably important initiative. Through concrete measures for increasing the use of the national currency, this initiative will improve monetary policy effectiveness and strengthen financial stability in Albania.

The IMF’s Deputy Managing Director Tao Zhang paid a two-day visit to Albania, where he held a series of high-level meetings with the country’s authorities.

/a.gjonaj/  /a.g/u.sh/

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