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Dec 15, 2017 13:52 EEST
December 15 (SeeNews) - High level of public debt and financing needs, non-performing loans (NPL), and pervasive institutional weaknesses remain some of the main challenges facing Albania, the International Monetary Fund (IMF) said.
The IMF welcomed the progress achieved in structural reform implementation, and stressed the need to further advance institutional reforms in areas such as the judiciary, property rights, and anti‑corruption, it said on Thursday following its executive board's conclusion of the 2017 Article IV consultations.
“The medium-term outlook remains favourable. Gross domestic product (GDP) growth is projected to accelerate to around 4%, driven by continued strong domestic demand, reforms that improve the business climate, and a strengthening European Union (EU) recovery," the statement said.
The executive directors agreed that it is critical to strengthen public investment management, but urged the authorities to ensure proper implementation of the framework for public‑private partnerships (PPP) in line with international best practices.
The IMF also emphasized that the growing economy and the new government’s clear electoral mandate provide a good opportunity to continue reform efforts to increase Albania’s growth potential, enhance the resilience and competitiveness of the economy, and strengthen the financial system while maintaining fiscal discipline.
“The main policy objectives at the current juncture are to maintain macroeconomic and financial stability, and to deepen structural and institutional reforms to accelerate the pace of convergence,” the statement reads.
IMF noted that after impressive early gains, reforms in the state‑owned electricity sector have been delayed and need to resume.
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