PRESS RELEASE
Governor's Sejko attends the Annual Meetings of the International Monetary Fund and the World Bank

On 13-15 October 2017, Gent Sejko, Governor of the Bank of Albania, in the capacity of the Governor of the Republic of Albania at the IMF, attended the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WB) in the United States of America.

These meetings represent a high level forum which brings together the most senior decision-makers of IMF and the WB, and governors and ministers of finances of the member countries in these international financial institutions, to discuss about the latest developments in the global economy.

The Communiqué of the International Monetary and Financial Committee highlights that the global upswing in economic activity continues, as we strive for higher, sustainable, broad-based growth. The outlook is strengthening, with a notable pickup in investment, trade, and industrial production, together with rising confidence. But the recovery is not yet complete, with inflation below target in most advanced economies, and potential growth remains weak in many countries.

The Committee remains deeply committed to achieving strong, sustainable, balanced, inclusive, and job-rich growth. For this, it recommends supporting the recovery and reinvigorating growth prospects, safeguarding financial stability, promoting inclusion and building trust in institutions as well as cooperating to tackle shared challenges.

In these meetings, Albania was represented by a joint delegation of senior officials from the Bank of Albania and the Ministry of Finance.

During the Meetings, Governor Sejko had several important meetings with prominent personalities of international finance. Amongst others: from the IMF, Mr Tao Zhang, Deputy Managing Director of the IMF, Mr Carlo Cottarelli, Executive Director for Albania at the IMF; Mr Poul Thompsen, Director of the European Department at the IMF, Ms Anita Tuladhar, IMF Mission Chief for Albania; from the WB, Mr Cyril Myller, Vice President of the World Bank for Europe and Central Asia, Mr Patrizio Pagano, Executive Director for Albania; Ms Linda Van Gelder, Regional Director for the Western Balkans centred in Vienna, Ms Johanna Jaeger, senior expert on the financial sector, Mr Mario Guadamillas, Practice Manager in the Finance and Markets Global Practice..

During these meetings, Governor Sejko presented an overview of the Albanian economic and financial situation. He emphasized that the economic activity in Albania has continued to improve and iterated the commitment of the Bank of Albania to provide all the necessary support in the framework of the steps to be taken with a view to accelerating the future economic activity in Albania. On their part, the IMF and WB representatives commended the positive role and policy implemented by the Bank of Albania, contributing to the development and macroeconomic stability of Albania.

Regarding the banking system, Governor Sejko pointed out that the system has very good financial indicators as well as adequate capitalisation and liquidity levels. Some of the most important issues discussed were the promotion of lending, the reduction of non-performing loans, initiatives towards the de-euroization of economy, the development of the capital market in Albania and of the payment systems.

Regarding the high level of euroization, Governor Sejko talked about the Memorandum of Cooperation between the Bank of Albania, the Ministry of Finance and the Albanian Financial Supervision Authority, in the light of a long-term strategic approach for the de-euroization of the economy. Through the reduction of the use of euro in the Albanian economy it will enable the increase of the effectiveness of the monetary policy and strengthen financial stability in Albania.

During the discussions, the interlocutors underlined that the treatment of the main issues faced by the Albanian economy, such as safeguarding stability and continuing and further deepening the structural reforms, remain of the utmost importance to improve the business climate and attract foreign investments in Albania.

In the meetings, Governor Sejko thanked the representatives of the IMF for the continued assistance to the Bank of Albania and the other institutions of the country. On their part, the IMF representatives pointed out and evaluated as very positive the increase of the professional capacities at the Bank of Albania, as well as their participation and contribution in the activities organised by the IMF.

Another very important meeting was that of the Executive Committee of the Vienna Initiative. In this meeting, the Governor informed the participants about the inter-institutional action plan and the various measures of the Bank of Albania for reducing non-performing loans, and underlined that their treatment has been one of the main commitments of the Bank of Albania. Governor Sejko added that these measures have provided gradual and lasting effects, leading to the non-performing loans falling at the lowest level since 2011. This performance is expected to continue along the same lines in the near future as well.

Also, the delegation had the opportunity to meet with counterparts from a number of countries discussing on the further development of bilateral relations aiming at providing technical assistance on specific issues to the Bank of Albania.

In the framework of these meetings, Governor Sejko attended the meeting of the Monetary and Financial Committee, as well as the G30 seminar. He also participated in the meetings of ministers and governors of members countries of some of the constituencies of the IMF.

• Photo gallery from the meetings