PRESS RELEASE
Activities of the Governor of the Bank of Albania on the occasion of the Annual Meetings of the World Bank Group and the International Monetary Fund, October 2009

The Governor of the Bank of Albania, Mr. Ardian Fullani, at the same time, Governor of Albania at International Monetary Fund, heading a delegation of the Bank of Albania, attended the Annual Meetings of the International Monetary Fund and the World Bank Group, held in Istanbul, Turkey, during 3 – 7 October 2009.

Governor Fullani concluded various meetings with representatives from IMF and WB Group jointly with the Minister of Finance, Mr. Ridvan Bode.

The Annual Meetings of IMF& WBG are conceived as an open forum, where the governors of the member countries are brought together to discuss on the recent global developments and share the views of their respective countries on the current issues concerning the international economy and finances.

The discussions with the International Monetary Fund took place with Mr. Murilo Portugal, Deputy Managing Director of the International Monetary Fund, Mr. Arrigo Sadun, IMF Executive Director for Albania, Mr. Marek Belka, and Director of the IMF's European Department. While the meetings with the World Bank Group were held with Mrs. Ngozi Okonjo-Iweala, Managing Director of the World Bank, Mr. Philippe Le Hourerou, Vice President of the World Bank and with Mr. Giovanni Majnoni, Executive Director for Albania, World Bank; Ms. Jane Armitage South East Europe Regional Director and Coordinator, etc.

In these meetings, Governor Fullani underscored that the Albanian economy incurred a more moderated impact of the world crisis. Notwithstanding the observed slowdown, the positive rates of the economic growth, the macroeconomic and financial stability continue to characterise Albania. This latter’s future outlook is a positive one, nevertheless continues care should be made to maintain the macroeconomic balances and the financial stability at home. In these terms, attention should be paid to provide the needed macroeconomic incentives, which help to encounter the current situation, through guarantying at the same time the medium-term and long –term development of the country.

Governor Fullani underlined that the coordination of the macroeconomic policies at home was one of the keys of the Albania achievement in the past and its persistence in future shall be a crucial factor for the further progress of the country. The ability of the country to withdraw foreign funds in the form Foreign Direct Investment, as capital borrowing and investment, shall condition the short-term and long-term economic growth of the country.

Another important issue dwelled on in these discussions were the developments of the financial sector, its coordination at world level and the needed measures to promote financial stability at home. It comes out that the IMF and WB’s role shall be re-dimensioned at world level, nevertheless the correct functions and modalities still are under discussion. However, the increase of IMF effectiveness, providing to this latter a bigger role on the world economic and financial arena as well as the representative quotas change in IMF, with the purpose of reflecting the increased share of the developing countries in the world economy, still remains a converged point. The importance of a more proactive role of the supervisory and regulatory polices, at national level, was highlighted by strengthening their countercyclical character.

Governor Fullani called the attention on the leading role played by the Bank of Albania in these terms, working continuously on the financial soundness of the Albanian economy, in the systemic direction and in terms of individual financial institutions. This philosophy shall remain a work priority of the Bank of Albania even in the future.

During his attendance in Istanbul, Governor Fullani also concluded meetings of high level with representatives of the other European Central Banks and of different commercial banks.