Presenting the draft law on increasing the membership quota in IMF, Finance Minister said that the bill is in compliance with the resolution of the Fund’s Board of Governors and General Review of Quotas and is designed to fulfill Albania’s membership obligations to the international financial bodies.

Malaj noted that cooperation with IMF is crucial for the country to guarantee macroeconomic stability, and the monetary and fiscal policies.

“The support is mainly based on the supervision and economic progress aspects, technical assistance and financial support. The challenges we successfully overcame clearly showed the importance of not only being member of this institution, but also the importance of consolidating Albania’s position within the institution,” he said.

According to him, rising the membership quota would send a clear and strong message regarding Albania’s position in the IMF decision making process.

“Against the backdrop of global economic uncertainties, geopolitical tensions, and the climate change challenges, strengthening relations with the IMF through increased membership quotas is a sound investment in the country’s financial security and macroeconomic stability,” Finance Minister stated.

Finance Minister said that Under the resolution of the Fund’s Board of Governors and General Review of Quotas, Albania will increase its assigned quota in the IMF by 87 million euros to 261 million euros or 209 million SDR (Special Drawing Rights) from a current quota of 139.3 million SDR or 174 million euros currently.

The SDR is an international asset created by the IMF to support financial stability and global liquidity.

/j.p/u.sh/