The Governor of the Bank of Albania, Gent Sejko attended Spring Meetings of the International Monetary Fund (IMF) and of the World Bank Group (WB) in Washington on March 21-23. Albania participated in these meetings with a joint delegation of the Bank of Albania and from the Ministry of Finance. As expected, the main issue dominated by discussions at these meetings was the further revival of the world economy.

The Governor of the Bank of Albania, Gent Sejko had several important meetings with other governors as well as officials of IMF and World Bank during which he acquainted the participants with the latest developments in the Albanian economy, focusing on the perspective of economic growth and developments in the banking sector.

Governor Sejko stressed that the country’s economic growth is on a positive development trajectory. He said that the economic growth is expected to improve and key economic balances will be strengthened over the next few years. Regarding recent developments in consumer price performance, Sejko stressed that inflation performance in current values ??is gradually turning to the target level.

Regarding the banking system in the country, Governor Sejko underlined that dealing with the issue of non-performing loans was one of Bank of Albania's commitments coupled with a well-planned action plan for reducing them. The implementation of this plan helped in lowering the level of non-performing loans to around 18%.

Another important issue discussed was the commitment of the Bank of Albania in cooperation with other institutions in the country to increase the use of domestic currency in the Albanian economy. Governor Sejko briefed senior international officials on the Memorandum of Understanding signed by the Bank of Albania, the Ministry of Finance and the Financial Supervisory Authority, whose main aim was to improve the effectiveness of monetary policy and reduce risks to financial stability and policy Fiscal.

During these meetings, senior IMF and WB representatives praised the work done by the Bank of Albania in maintaining the country's macroeconomic and financial stability. In their view, the Bank of Albania is a serious and professional partner in fulfilling its tasks. They expressed the readiness to continue the cooperation and technical assistance to our institution.

Further, senior international officials stressed that the banking system in Albania is consolidated.

Meanwhile, the World Bank said Monday in a report that Albania’s dependence on remittances keeps declining as Albanian emigrants build new lives abroad and send home less money to their relatives. Albania as a country that has very high emigration rates is among 10 South-east and Central Europe countries where remittances account for a considerable share of GDP.

According to World Bank, remittances account for 8.8 percent of Albania’s GDP, although the figure is based on preliminary assessments. According to the Bank’s report, Albania ranks ninth, leaving behind Serbia. Economists welcome the declining dependence on remittances as a positive development since remittances are largely influenced by external factors.