BANK OF ALBANIA

PRESS RELEASE
On the conclusion of the fourth review of the arrangement between the IMF mission and Albanian authorities

Publication date: 18.03.2015

 

An International Monetary Fund (IMF) mission led by Nadeem Ilahi visited Tirana during March 4-17, 2015 to conduct discussions with the Albanian authorities on the fourth review of Albania's Extended Fund Facility (EFF). A joint press conference followed the concluding meeting, held on 17 March 2015, at the Bank of Albania's premises with the participation of the Minister of Finance, Mr. Shkëlqim Cani, Minister of Economic Development, Tourism, Trade and Enterprising, Mr. Arben Ahmetaj, Governor of the Bank of Albania, Mr. Gent Sejko and Mr. Nadeem Ilahi, IMF mission chief for Albania.

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All the speakers evidenced the progress made in Albania's economic and financial stability and emphasised that the continuation of the undertaken reforms is vital.

In his speech, Governor Sejko, presented an outline of financial sector developments and focused on the reforms to be undertaken in this sector. He pointed out that the banking system is solid, liquid and well capitalised for conducting its intermediation function. The Governor stated that the monetary policy stance will persist on the accommodative side.

Governor Sejko, in reply to questions of journalists, confirmed that the Bank of Albania is closely collaborating with the Ministry of Finance and the Ministry of Economic Development, as well as other institutions, to improve the situation of non-performing loans. 'Both the Bank of Albania and the Government are strongly committed in this regard. We have decided to find a definitive solution to non-performing loans. This is the only way we will establish the necessary synergy to revive lending to the economy", - Governor Sejko pointed out.

Statements by the respective speakers may be found in the following links: