From: Exit Staff
IMF: Albanian Economy will Grow, Improving Governance Required

The Albanian economy will grow, despite the current rate of inflation, according to the Governor of the Bank of Albania, Genc Sejko, who met with the Deputy Director General of the International Monetary Fund, Bo Li, in Tirana on Monday.

During the meeting, Sejko thanked the IMF for excellent cooperation in drafting economic and financial reforms and implementing processes to consolidate the banking system. He also talked of measures to slow inflation and bring it back under control.

“The Bank of Albania remains ready to intervene at the right time and with the right force to guarantee the stability of prices in the country, creating suitable conditions for the sustainable and long-term growth of the Albanian economy,”  said Sejko.

The external environment continues to remain challenging. However, the governor submitted that the Albanian economy is expected to grow in 2022 and beyond. He noted that during 2022, deposits and loans increased, credit quality improved, and other stability indicators remained at appropriate levels. Other matters he mentioned included promoting healthy lending, reducing non-performing loans and digitalising the payments sector.

I said that in recent years, Albania had faced three consecutive strong shocks, such as the 2019 earthquake, the worldwide pandemic and the significant increase in the price of energy and food due to the war in Ukraine. Despite this,  the country has continued progress.

But strengthening institutions, improving governance and compliance with the best international standards remain necessary conditions for implementing reforms and achieving these objectives.