PRESS RELEASE
Governor Sejko attends Spring Meetings of the International Monetary Fund and the World Bank Group

On 17-19 April 2015, Mr. Gent Sejko, Governor of the Bank of Albania, attended the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WB) in Washington D.C., USA.

Turned into a tradition, these annual meetings assume a particular importance, as top officials of international finance discuss about the latest developments in the global economy, and the measures that need to be taken to tackle the problems facing it.

During the Meetings, Governor Sejko held several important meetings with prominent personalities of international finance, among others, from the IMF: Mr. Carlo Cottarelli, Executive Director for Albania, Mr. Paul Thompsen, Director of the European Department, Mr. Gerd Schwartz , Deputy Director of Fiscal Affairs Department, Mr. Nadeem Ilahi, IMF mission chief for Albania; from the WB group: Ms. Laura Truck, Vice President for Europe and Central Asia Region, Ms. Keiko Honda, Vice President of the Multilateral Investment Guarantee Agency; Mr. Patrizio Pagano Executive Director for Albania; Ms. Ellen Goldstein, Country Director and Coordinator for Southeast Europe. The Governor also met with his counterparts, such as Mr. Stefan Ingves, Governor of the Bank of Sweden and participated in the meetings of the IMF's Monetary and Financial Committee.

During the Meetings, a joint meeting, chaired by Pier Carlo Padoan, the Italian Minister of Economy and Finance was held with Ministers and Governors of the constituency. * In his contribution to this meeting, Governor Sejko shared the same views in relation to economic developments in Europe and in our region, and analysed in more detail the impact and challenges they generate for the Albanian economy.

Governor Sejko informed the participants on the latest development in the Albanian economy, on the problems and perspective of economic growth, as well as on banking sector developments. He pointed out that the Albanian economy is on a positive development track. Economic growth is expected to improve and its main economic balances will be further consolidated in the next years. The Albanian economy will benefit from the expected recovery of economic activity in Europe and improvement of the domestic business climate, as well as from more support with funds from the Albanian financial system. The Governor added that macroeconomic policies keep a fair balance between the short and medium-term stimuli of economic activity and the long-term stability of the country.

Governor Sekjo discussed with the participants the actual challenges facing Albania's economic developments, which remain at the attention of the Bank of Albania. Among them, he singled out the challenge of credit recovery and reduction of non-performing loans through measures to be taken in coordination with other public authorities.

He also discussed about the financial situation of Greece and potential spillover effects on the Albanian economy. He pointed out that the Albanian banking system remains liquid, well capitalised and capable of withstanding other adverse shocks from Greece, and guaranteed that the Bank of Albania has taken and will take all the necessary measures to safeguard Albania's financial stability.

On their side, the international officials commended the work of the Bank of Albania on safeguarding the country's macroeconomic and financial stability. They said that they see in the Bank of Albania a serious and professional partner and affirmed their readiness to continue and enhance their cooperation with the Bank of Albania.

* The Republic of Albania joined the International Monetary Fund in October 1991 and is in the same constituency as Italy, Greece, Portugal, Malta, and San Marino. Mr. Carlo Cottarelli of Italy is the Executive Director and represents the constituency in the IMF's Board of Directors.