In his reaction on social networks, Mete expressed gratitude and thanks to the Prime Minister, while he also thanked the staff of the Ministry of Finance for the cooperation.

“Grateful to the Prime Minister for entrusting me a job of such great responsibility. Thanks to the staff of the Ministry of Finance for what we have achieved together during this period. I believe it has been a consolidating journey for the institution and public finances, which I hope will continue,” wrote the former minister.

During Mete’s tenure, Albania was rated with BB- for the first time by the Standard & Poor’s agency, while the country was also taken off from the money laundering grey list.

Mete leaves the chair of the Ministry of Finance at the time when, at the end of the 6th month, the revenues in the budget increased by nearly 23 billion ALL, or 7.1% more than the same period last year. Also, the public debt, according to preliminary estimates at the end of the second 3 months of 2024, decreased to 55.7% of GDP.

Before leaving the Ministry of Finance, Mete concluded two concession contracts for fiscal stamps and one for fuel marking.

In the speech he delivered in the plenary session of the Assembly, during the approval of the relevant legal changes, Mete emphasized that the nationalization of the two services will be accompanied by a reduction in costs for businesses and citizens. /p.s./

Minister Mete emphasized the fact that Albania is at an advanced stage, even compared to the region, in terms of fulfilling the criteria and about a month ago, on June 13, it formally submitted the application for membership in SEPA.

The minister said that he expects that within the current year to receive an answer regarding the possible membership in SEPA, so that next year to continue with the full implementation of the process.

“The accession into SEPA is expected to bring multiple benefits for Albania, for citizens, for businesses and for the country’s economy, in general. Payments between members in SEPA are as simple and cheap as national payments. In this way, with the country’s accession to SEPA, citizens and businesses will be able to make transfers and payments as if they were citizens of EU countries”, stated the Minister of Finance.

The minister emphasized that the integration of the Western Balkans region in SEPA brings significant economic benefits and is also the first step of de facto integration of the region into an important element of the European single market. /p.s./

Mete said that for the 4-month period, the revenues reached about ALL 231.64 billion or 103.5% of the plan for the same period.

According to him, if compared to the same period last year, there were collected about 24.1 billion lekë more, or 11.6% more than the four months of 2023.

“The positive progress of the economy continues. Total revenues for the 4-month period of 2024 were realized in the amount of 231.64 billion ALL or 103.5% of the plan for the same period. “If compared to last year, revenues increased by 24.1 billion ALL or 11.6% more,” stated the minister.

While the general public expenses for the 4-month period of 2024 reached about 185.8 billion ALL with a realization of 96.8% of the plan, while compared to the same period of 2023, the general public expenses are 7.4% higher or about ALL 12.76 billion more./p.s./

During the speech held at the 25th anniversary of the Albanian Association of Banks, Mete said that now there is required a greater commitment of the banking sector in terms of lending and supporting the economy, while he said that therefore the Ministry of Finance is discussing a plan jointly with the Bank of Albania.

“There are 4 directions that require the advancement of our joint efforts and a wider involvement of the banking sector. First, this sector should be even more active in terms of lending and further supporting the development of the economy. Second, special attention should be paid to the most efficient allocation of funds, to the most productive sectors of the economy. Thirdly, in parallel with the increase in lending and the improvement of the allocation of funds, more must be done in terms of increasing the financial inclusion of the population. And last, but not least, innovation, digitization and further modernization of services; as we live in the World of Fintech and artificial intelligence, must remain a priority of the banking sector,” said Finance Minister Mete.

The minister emphasized that the banking system in Albania has made considerable progress in recent years. An expression of this consolidation has been the successful coping with the successive shocks of recent years, with the earthquake, the pandemic and recently the effects of geopolitical developments and inflationary situations.

Minister Mete also said that the Growth Plan, approved by the European Council and which is expected to begin implementation through an ambitious reform plan, will serve as an impetus for accelerating the integration process, bringing to the countries of the region some of the benefits of membership before entering the EU, as is the case of Albania’s possible membership in the Single Euro Payments Area, with significant benefits and a reduction in the costs of banking transactions./p.s./

Present at this activity were Minister of Finance Ervin Mete, ambassador of the European Union in Tirana Silvio Gonzato, manager of the World Bank for Albania Emanuel Salinas, Chairman of the Parliamentary Committee for Economy and Finance Eduard Shalsi, other representatives of the Ministry of Finance and other institutions.

Minister of Finance Mete stated that the further strengthening and consolidation of public finances is one of the basic requirements regarding the country’s journey towards membership in the European Union.

“The Public Finance Management Reform aims to ensure a public financial system that promotes transparency, accountability, fiscal discipline and efficiency in the management and use of public resources for the improvement of service delivery and economic development”, said Mete.

Mete also said that, “Albania is going through a very good economic moment while the main macroeconomic indicators have marked significant improvements. The public debt at the end of 2023 decreased for the first time since 2011 below the 60% level and it is expected to continue the downward trajectory during the following years”.

The new Strategy for the Management of Public Finances was published for public consultation at the beginning of last month and is expected to be approved within the first 6 months of the current year, to continue further with its implementation phase./k.s/r.e/p.s./

The European Parliament approved two days ago the 6 billion Euros package of the new Growth Plan for the countries of the Western Balkans.

While taking the floor in the ministerial, Mete stated that this Financial Package is a clear expression of the EU’s support for the acceleration of reforms and the integration process of the region. He emphasized the importance of the membership of Albania and the countries of the Western Balkans in the Single Euro Payments Area (SEPA) and the progress made in this direction.

“The opening of SEPA to non-EU countries, as part of the EU Commission’s new Growth Plan, presents a unique opportunity for the Western Balkans to significantly reduce payment costs within the region. The economies of the Western Balkans are highly interconnected with the European Union, therefore it is important that we aim to create efficient cross-border payment links”, he said.

Mete said that Albania is at an advanced stage in terms of fulfilling the EU criteria for SEPA, while it has completed the pre-application procedure.

“Albania is at an advanced stage in terms of fulfilling the criteria for membership in SEPA. The Bank of Albania has approved the set of necessary regulations and at the end of last month we completed the pre-application procedure,” the minister further stated.

Inclusion in the Single European Payments Area brings numerous benefits to the countries of the region, such as reducing the costs of banking transactions and facilitating trade.

While Minister of State and Chief Negotiator for Integration in the European Union Majlinda Dhuka praised the vote of the Growth Plan for the Western Balkans by the European Parliament, calling it a clear signal of the EU’s political support for the countries of the region. She emphasized that the countries of the Western Balkans should further deepen the cooperation between them in order to increase the convergence with the EU. /p.s./

Minister Mete stated that all this amount of money will go only for the salaries in the education system.

“The cumulative increase in the last 2 years alone ranges from 35% to 60% for teachers. Of course, this renders into a better quality education, which is an investment for us in the human capital of young people and the future citizens of Albania”, he said during the discussion panel in context of the Global Money Week for the financial education of young people./p.s./

During the speech he delivered at the meeting of the National Economic Council, he highlighted the improvement in Albania’s evaluation by the international assessment agency Standard&Poor’s, a ranking which as a matter of fact certifies the good economic moment of the country, affects its reputation and access to international markets, in the cost of lending and access to finance, as well as in the domestic market, in terms of lending.

“It is a certification of a long-term trend and performance that, looking now at the latest figures of foreign investments, which are practically at record numbers, combined with the positive and growing figures of tourism, give confidence that this positive trend and this consolidation of public finances, the sustainability of this trend will continue”, said the minister.

According to Mete, it is important that the good economic moment that the country is going through renders into increased support for economic sectors and for certain strata, for an economic growth that is as comprehensive as possible. In this context, the minister said that the further increase in wages that is expected to happen soon corresponds exactly to this goal, as well as the fiscal facilities that are being discussed for some of the categories of employees./p.s./

Minister of Finance Ervin Mete made the statement today at the forum of CEOs of the American Chamber of Business.

Minister Mete said that the first improvement in the ranking by “Standard&Poor’s” for Albania, from B+ to BB-, is a positive assessment of the efforts for sustainable economic growth and strengthening of public finances.

Minister Mete said that this evaluation will further strengthen Albania’s external positions and will be accompanied by concrete benefits for the country’s economy.

“The country’s economy is going through a good moment and this was also confirmed by Standard&Poor’s. The macroeconomic indicators have improved significantly, Albania’s external position has improved thanks to the very good performance of the tourism sector, which last year brought nearly 4.2 billion Euros of revenues to the economy, with an increase of 47% compared to 2022. Foreign investments reached the highest historical level in 2023, of nearly 1.5 billion Euros,” said Minister Mete, among other things.

The minister also said that the arrears have decreased to the lowest level and that at the end of 2023 there will be no arrears in terms of VAT refunds for businesses.

“We are currently in the last steps of the constitution of the Tax Council and I find the opportunity to reiterate the invitation to the members of the American Chamber of Business to apply to become an active part of this Council. We are also in continuous communication with the International Monetary Fund to finalize a revised revenue collection strategy, with the aim of a more coherent strategy that takes into account recent macro-fiscal developments and indicators, with a focus on increasing fiscal governance and also in the spirit of maintaining a stability of the fiscal legislation,” the minister stated further on.

He concluded his speech by underlining the fact that this good moment that the country’s economy is going through, the improved macroeconomic indicators, as well as the evaluations received by international financial institutions, further encourage efforts and determination to increase the pace of reforms. /m.m/r.e/p.s./

“The transition to a higher rating scale usually requires a relatively long time to create the conviction that the improvements in the country’s economy are sustainable. The assessment strengthens Albania’s external positions and brings concrete benefits to the country’s economy. Now the country will be perceived more positively by foreign investors to invest in Albania and this is expected to render into higher foreign investments, as well as easier conditions for Albania’s borrowing in international markets. This improvement is also expected to be reflected in the local market, in lower financing costs for banks, businesses and individuals”, stated Mete.

S&P, the minister said, underlines that this rating improvement comes as recognition of Albania’s strong economic resistance and prudent management of public finances in the face of a series of successive challenges.

Albania, Minister Mete continued, has consistently shown its ability to withstand shocks, Standard & Poor’s estimates, and despite these challenges, the economy has grown at an impressive average of 5.8% per year over the past three years, simultaneously improving public finance parameters.

“Macroeconomic indicators have improved significantly; unemployment is at historic lows, inflation is back on target ahead of expectations, the external position has improved thanks to the very good performance of the tourism sector, foreign direct investment has reached historic highs levels, while the public debt decreased to 59.2% at the end of 2023”, stated the minister.

“Advancement in the European integration process is an important impetus to accelerate the pace of reforms and the growth plan of the European Commission for the countries of the Western Balkans, which accompanies the undertaking of important reforms. We expect it will also serve as solid support in this direction “, stated Minister Mete./r.e/p.s./