Albania: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Review Under the Extended Arrangement, and Financing Assurances Review: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Albania

International Monetary Fund

No 2008/128, IMF Staff Country Reports from International Monetary Fund

Abstract: The main challenges for this review were to further redress long-running problems in the energy sector and to balance fiscal policy requirements for development spending with macroeconomic stability. The financial position of the state-owned electricity company (KESH) deteriorated significantly more than anticipated. The authorities have adopted a two-pronged solution to the electricity crisis. The authorities are prioritizing the strengthening of regulation to assure financial stability in a rapidly maturing financial system. The proposed conditionality for the Fifth Review is consistent with program goals, and the program is fully financed.

Keywords: ISCR; CR; authority; Albanian authorities; staff appraisal; inflation expectation; property damage; supervisory authority; IMF staff representative; Electricity; Credit; Loans; Europe; Global (search for similar items in EconPapers)
Pages: 81
Date: 2008-04-10
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