TIRANA, Dec 2 /ATA/ – Parliamentary Committee on Economy and Finance approved Monday the draft law on increase of Albania’s membership quota in the International Monetary Fund (IMF).
Deputy Finance Minister Adela Xhemali told lawmakers that the bill was designed to fulfill Albania’s membership obligations to the international financial bodies.
Albania government has approved the IMF’s 79-1 resolution of the Fund’s Board of Governors and General Review of Quotas that result in an increase in membership quota.
Under the resolution, Albania will increase its assigned quota in the IMF to 209 million SDR (Special Drawing Rights) from a current quota of 139.3 million SDR.
The SDR is an international asset created by the IMF to support financial stability and global liquidity.
The International Monetary Fund has allocated two budget support loans to Albania in 2014 and 2020, with a total loan 434.72 million SDR.
Both loans have been fully disbursed in 2014 and 2020 respectively and settlement phase is now underway according to the loan terms.
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