PRESS RELEASE
Governor Sejko attends the IMF/World Bank Constituency Meeting

On 16 February 2018, the Governor of the Bank of Albania, Mr Gent Sejko, attended the meeting of our constituency in the International Monetary Fund (IMF)/World Bank Group (WBG), which took place in Lisbon, Portugal.

Central bank governors and ministers of finance from the constituency member countries met to discuss the recent developments in the global economy and in the respective countries.

High-level representatives of the IMF and WBG presented the perspectives of these two institutions related to the countries quota review and capital increase, as well as the priorities for ensuring sustainable, long-term and inclusive growth. Participants also discussed on the risk management and insurance mechanisms related to climate change and the macroeconomic effect of weather shocks.

In these meetings, Albania was represented by senior officials from the Bank of Albania and Ministry of Finance and Economy, led by the Governor of the Bank of Albania, Mr Gent Sejko and the Deputy Minister of Finance and Economy, Mr Erjon Luçi.

During the meeting, Governor Sejko presented an overview of the Albanian economic and financial situation. The Governor emphasized that the economic activity in Albania has continued to improve and affirmed the commitment of the Bank of Albania to provide all the necessary support to accelerate the economic activity in Albania in the period ahead.

About the banking sector, Governor Sejko underlined that the Bank of Albania has been committed to addressing the non-performing loans and promoting the use of the national currency, accompanied by actions plans, including a series of legal, fiscal and regulatory improvements.

Governor Sejko also shared the view of the Bank of Albania on the main topics discussed during the meeting. He said that the Bank of Albania welcomes the periodic review of the methodology and structure of quota allocation, pointing out that this needs to be carefully approached so that the reviews do not affect the focus of work and commitment of the institution for achieving its objectives.

He added that the IMF should continue to be engaged, even strengthen its role, in promoting sustainable and long-term growth, preventing domestic and cross-border economic imbalances, and in further fostering financial stability. In this context, Governor Sejko emphasised that the IMF remains a key partner of developing countries in preventing adverse effects from potential domestic or external shocks.

The Republic of Albania joined the International Monetary Fund (IMF) in October 1991 and is in the same constituency with Italy, Greece, Malta, Portugal and San Marino. The constituency is represented by Mr Alessandro Leipold, the Executive Director representing the countries of the constituency in the IMF's Executive Board.