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
April 10, 2008
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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.
Subject: Banking, Budget planning and preparation, Commodities, Credit, Electricity, Financial institutions, Foreign exchange, Loans, Money, Public debt
Keywords: Albanian authorities, authority, CR, Credit, Electricity, Europe, Global, IMF staff representative, inflation expectation, ISCR, Loans, property damage, staff appraisal, supervisory authority
Pages:
81
Volume:
2008
DOI:
Issue:
128
Series:
Country Report No. 2008/128
Stock No:
1ALBEA2008001
ISBN:
9781451800913
ISSN:
1934-7685
