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IMF says Albania needs further reforms to improve business climate - c-bank

IMF says Albania needs further reforms to improve business climate - c-bank IMF, Bank of Albania

TIRANA (Albania), February 13 (SeeNews) – The IMF is of the opinion that continuation of reforms, strengthening of institutions and good governance are of particular importance in improving Albania's business climate and increasing the rate of absorption of foreign direct investment, the country's central bank said on Tuesday.

Albania is making progress towards economic convergence, however, given that the global economy is growing at positive rates, it is time for Albania to continue to undertake further reforms, Albania's central bank quoted International Monetary Fund (IMF) deputy managing director Tao Zhang as saying after a meeting with its governor Gent Sejko.   

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 IMF said in December following the conclusion of the 2017 Article IV consultations. Back then, the IMF said it 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.

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