Albania: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania
IMF Staff Country Reports, April 17, 2020
Source details
- Canonical URL
- Albania: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania
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Bibliographic details
- Published: April 17, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513541365.002
Overview
- Focus: Albania’s Request for Purchase Under the Rapid Financing Instrument (RFI).
- Purpose of RFI: Provides rapid financial assistance to member countries facing an urgent balance of payments need, without the need for a full-fledged economic program or reviews.
- Shocks prompting the request: Exogenous shocks related to the 2019 earthquake and the COVID-19 pandemic.
Findings and analysis
- A sizeable increase in the fiscal deficit of 2020 is necessary to limit the impact of coronavirus disease 2019 (COVID-19).
- It will be critical to ensure adequate spending for healthcare and support for the people and firms that are hurt by the COVID-19 pandemic.
- The Albanian authorities remain committed to ensuring macroeconomic stability.
- Once the shocks have been overcome, it will be important to keep public debt on a clear downward path.
- The IMF staff supports the authorities’ request for financial assistance under the RFI to address the urgent balance of payments need.
- The balance of payments financing need is expected to be temporary.
Policy recommendations and measures emphasized
- Permit a sizeable increase in the fiscal deficit in 2020 to provide emergency health spending and support to affected people and firms.
- Protect healthcare spending and targeted support measures for households and businesses impacted by COVID-19.
- Maintain commitment to macroeconomic stability throughout the shock period.
- After shocks abate, implement policies to put public debt on a clear downward path.
Key statistics and publication metadata
- Pages: 34
- Volume: 2020
- Issue: 118
- Series: Country Report No. 2020/118
- DOI: https://doi.org/10.5089/9781513541365.002
- Stock No: 1ALBEA2020001
- ISBN: 9781513541365
- ISSN: 1934-7685
- Publication date on landing page: April 17, 2020
Source: Albania: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania
Content in this bundle
- 1albea2020001 - Executive Summary