International Monetary Fund (IMF) said that the Albanian economy is recovering in line with projections and the country’s public finances have begun to improve.
Economic growth is speeding up, while the public debt has started to drop in comparison to 2015, according to the IMF report on Albanian economy.
IMF noted that implementation of reforms by the relevant authorities has run with efficacious consistency.
“Supported by a powerful majority in parliament, the govt. has launched a string of reforms in areas such energy, pension scheme and insolvency. The fund has kept the economic growth projections unchanged, at 3.4 percent for this year and 3.8 percent for the year to come. However, the risks remain high, particularly those coming from external environment,” IMF said.
Further, it cited that the authorities need to push ahead with the progress agenda putting emphasis on the pivotal reforms for improvement of the business climate.
According to IMF, consensual passage of justice overhaul through parliament was an achievement in strengthening the judiciary and fighting the corruption. The Fund encouraged the government to maintain fiscal discipline and deepen the reforms that boost economic growth in order to ease negative effects from insecurities in the Eurozone.
“The economic growth is accelerating. The public debt has started dropping since from its peak in 2015,” added the report on the economic situation of Albania.
The IMF said that the passing of the justice reform was a significant achievement for reinforcing the justice system in the fight against corruption.
According to the IMF, a critical point for this remains the high level of bad loans, which is still hampering the revival of loans.