{
  "title": "Albania: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania",
  "publication": "IMF Staff Country Reports, April 17, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/17/albania-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-report-49347",
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  "summary": "This paper focuses on Albania’s Request for Purchase Under the Rapid Financing Instrument (RFI). The 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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Focus: Albania’s Request for Purchase Under the Rapid Financing Instrument (RFI).\n- 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.\n- Shocks prompting the request: Exogenous shocks related to the 2019 earthquake and the COVID-19 pandemic."
    },
    {
      "heading": "Findings and analysis",
      "content": "- A sizeable increase in the fiscal deficit of 2020 is necessary to limit the impact of coronavirus disease 2019 (COVID-19).\n- 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.\n- The Albanian authorities remain committed to ensuring macroeconomic stability.\n- Once the shocks have been overcome, it will be important to keep public debt on a clear downward path.\n- The IMF staff supports the authorities’ request for financial assistance under the RFI to address the urgent balance of payments need.\n- The balance of payments financing need is expected to be temporary."
    },
    {
      "heading": "Policy recommendations and measures emphasized",
      "content": "- Permit a sizeable increase in the fiscal deficit in 2020 to provide emergency health spending and support to affected people and firms.\n- Protect healthcare spending and targeted support measures for households and businesses impacted by COVID-19.\n- Maintain commitment to macroeconomic stability throughout the shock period.\n- After shocks abate, implement policies to put public debt on a clear downward path."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Pages: 34\n- Volume: 2020\n- Issue: 118\n- Series: Country Report No. 2020/118\n- DOI: https://doi.org/10.5089/9781513541365.002\n- Stock No: 1ALBEA2020001\n- ISBN: 9781513541365\n- ISSN: 1934-7685\n- Publication date on landing page: April 17, 2020\n\nSource: Albania: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania\n\n---\n\n Content in this bundle\n\n- 1albea2020001 - Executive Summary\n  - 1albea2020001 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1albea2020001 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 17, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513541365.002",
    "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.",
    "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.",
    "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.",
    "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",
    "**1albea2020001 - Executive Summary**"
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