Speech of the Governor of the Bank of Albania, Mr. Ardian Fullani, at the press release on the signing of the agreement with the IMF

Publication date: 30.01.2006


The Bank of Albania estimates that the concluding of the new 3 - year agreement with the International Monetary Fund constitutes an important moment in further economic and financial development of the country. The new assistance the IMF is providing to Albania is simultaneously a duty to the responsible institutions, Bank of Albania included, committed to fulfilling successfully the obligations deriving from it. In this light, on behalf of the institution I govern, I would like to emphasize that the Bank of Albania will fulfill its obligations earnestly and at the maximum commitment. Our commitment springs from the full conviction that the agenda of the proposed structural reform and the forecasted route of macroeconomic policies constitute a proper response to the Albanian economy challenges.

The importance of the agreement is high, since:

Firstly, it lays out the main directions the work of our institutions will be focused on during the three forthcoming years, creating a safe ground in the difficult way of our country's further macroeconomic consolidation, economic growth and poverty reduction.

Secondly, it sets forth clear objectives for the further structural reforms to be undertaken in the short and medium run, identifying responsible institutions and time frames for their accomplishment.

Thirdly, it creates grounds for more financial discipline and better coordination of all decision-making levels, thus becoming a factor of guarantee for domestic and foreign investors, including even important international bodies.

To this end, we have taken appropriate measures to embody all the conditions and basic indicators, we have agreed upon in advance with the IMF's Missions headed by Mr. Szekely, to the monetary policy strategy and monetary program of the Bank of Albania.

Concluding this brief pronunciation, I would highlight that the approval of this agreement is of primary importance, since its completion, assuming that everything takes place as forecasted, would set the Albanian economy "on its feet".

Therefore, it is important to start right now to think for the futurity of basic economic policies of the country after the expiry of this agreement. Taking advantage of the occasion, I would like to stress that we are working in this direction, and cooperating with the assistance of the International Monetary Fund and other central banks, we have intensified our efforts for establishing proper monetary strategies, which would enable the control on inflationary pressures and would orient the sustained development of the country towards European integration.