PRESS RELEASE
Questions and answers at the Governor's press conference on 21 December 2016

Question - Governor, the arrangement between Albania and the International Monetary Fund ends, in a few months. At least, according to the public statements of the government, the arrangement will not be in the current format any more, but it will be a more relaxed arrangement. Does the Bank of Albania have any comment in this regard?

Governor - As you said, the current arrangement with the International Monetary Fund ends in February, next year. Firstly, it must be noted that the arrangement has met its objectives, and in general the country's economic developments have been oriented in accordance with this arrangement. The accommodative monetary policy and the consolidating fiscal policy have produced the results that have been constantly mentioned and have been in accordance with the arrangement.

Obviously, arrangements with the Fund have a fixed term. I have emphasized this several times, to the Parliamentary Committee on Economy and Finance as well, in my answers to the respective questions, that the next arrangement with the International Monetary Fund will appear clearer after the next year's elections. So, the new government that will take the mandate in the upcoming elections will also have its own strategy and project about the continuation of the relationship with the International Monetary Fund. This would happen in any other country. Since the elections are due next year, it certainly would not be convenient for the two sides to conclude an arrangement before the elections, meaning an arrangement for a three-month term.

Thus, despite the arrangement that we might have with the International Monetary Fund, the authorities of the country and the Bank of Albania are adequately strengthened to proceed, whether with or without an arrangement, to achieve their objectives.