Governor reports to the Parliamentary Commission of Economy, Finance and Budget

Honorable members of the Parliament,

I, today, present before you the report on the economic, monetary, foreign exchange and bank developments and achievements during 1999 and the objectives for 2000. As noted from the current developments, the final objectives of ESAF for 1999 are estimated as practically achieved.
On the whole, it is deemed that the objective of economic growth, and the other three monetary objectives followed by Bank of Albania concerning monetary policy will be achieved, the limits fixed for budget deficit and budget financing from domestic resources will be respected, the annual inflation range at yearend will be too much below the fixed target and the deficit of current account in ratio to GDP is expected to undergo a more optimistic level, than forecasted.

I can already state fully convinced, that on the whole, the events of the period April - June of the current year did not deteriorate the economic condition as forecasted at the beginning of the conflict. The immediate and generous aid of International Community mitigated the provided charge. On the other side, the turn undertaken by the events opened new perspectives to Albania from the economic view point. It is more than sufficient to make mention of the Stability Pact regarding the Balkans Region and the provision of a new space for economic activity in the North
of the Republic of Albania. The relative macroeconomic and politic stability achieved during these two years should serve as a basis for a more optimist prospect on 2000. These ideas materialize the next year targets. Future attention should be also focused on all matters which are currently unresolved and constitute threatening for the country stability.

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