PRESS RELEASE
Governor Sejko attends the IMF and World Bank constituency meeting

On 8 February 2017, the Governor of the Bank of Albania, Mr Gent Sejko, attended the meeting of countries in our constituency* in the International Monetary Fund (IMF) and World Bank (WBG). The meeting was held in Rome and was hosted by the Italian Minister of Economy and Finance, Mr Pier Carlo Padoan.

Central bank governors and ministers of finances from the constituency member countries met to discuss the recent developments in the global economy and in the respective economies. High-level representatives of the IMF and WBG presented the perspectives related to the review of countries' quotas and capital, the adequacy of the current instruments related to crediting, the fiscal space that exists amid a constrained budget environment and the correlation between poverty and social inequality.

In addition to Governor Sejko and Finance Minister Arben Ahmetaj, other high-level representatives of the Bank of Albania and the Ministry of Finance attended this meeting.

Governor Sejko presented an overview of Albania's economic developments and highlighted that economic growth is set on a positive development trajectory, supported by the combination of monetary stimulus with fiscal consolidation. He added that economic growth will continue to be steady and main macroeconomic balances will strengthen in the future.

Looking ahead, the Governor emphasised that the Bank of Albania expects economic activity to improve over the medium term, which will provide the return of the economy to equilibrium and of inflation to target. Structural reforms and the improved business climate will drive to stable economic growth. Related to non-performing loans, Governor Sejko stated that addressing non-performing loans was one of the main commitments of the Bank of Albania, accompanied by an action plan on their reduction, including a set of legal, fiscal and regulatory improvements.

*The Republic of Albania joined the International Monetary Fund (IMF) in October 1991, and is in the same constituency as Greece, Italy, Malta, Portugal and San Marino. Mr Carlo Cottarelli acts as Executive Director for this constituency and represents these countries in the Executive Board of the IMF.