TIRANA, Aug 1 /ATA/ – Standard & Poor’s has affirmed its sovereign credit rating on Albania at B+, with a stable outlook despite the COVID-19 pandemic.
The Ministry of Finance and Economy said Saturday that the U.S.-Based credit rating agency confirmed that Albania’s public finances are consolidated in the past years.
The general government deficit narrowed to 1.9% of the GDP in 2019, down from 5.2% it was in 2014.
“The Standard & Poor’s expectations are seeing progressive growth,” Ministry of Finance and Economy said.
In its report, the rating agency notes that the government’s incentive programmes in the state budget are expected to limit impact of the pandemic on economy and finalize the post-earthquake reconstruction process.
The report projects that the government general deficit is expected to drop further in 2021 and in the coming years.
S&P expects the government to achieve the objective of establishing a positive primary balance by 2022.
In its most recent review, the international rating agency Standard & Poor’s (S&P) confirms for Albania the current rating in “B +”, as well as with a “stable” outlook.
The rating by the international rating agency confirms the stability of public finances and the successful financing of the fiscal gap, curbing the pressures of the balance of payments.
Finance Minister Anila Denaj noted that “the rating clearly confirms the commitment of the Ministry of Finance and Economy for its prudent approach regarding the performance of the macro-economic indicators and a return towards disciplining and further fiscal consolidation in the next two years.”
/u.sh/
