{
  "title": "Albania: First Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania",
  "publication": "IMF Staff Country Reports, November 30, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/11/30/albania-first-post-program-monitoring-press-release-staff-report-and-statement-by-the-49923",
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  "summary": "Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic. The authorities responded promptly to the shocks, and macroeconomic and financial stability have so far been maintained.",
  "sections": [
    {
      "heading": "Executive summary and outlook",
      "content": "- Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic.\n- The authorities responded promptly to the shocks, and macroeconomic and financial stability have so far been maintained.\n- The economy is expected to contract sharply in 2020, followed by a gradual recovery in 2021-22.\n- The outlook is subject to major uncertainty and rising downside risks as a second wave is gripping many countries in Europe.\n- Albania’s capacity to repay the Fund is adequate, but risks have risen in light of the shocks."
    },
    {
      "heading": "Key risks",
      "content": "- Aside from a more severe pandemic, key risks stem from:\n  - elevated public deficits and debt,\n  - weaknesses in public finances,\n  - a relatively high level of non-performing loans (NPLs), and\n  - euroization."
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      "heading": "Policy response and fiscal/financial stability",
      "content": "- Authorities responded promptly to the November 2019 earthquake and the COVID-19 pandemic.\n- Macroeconomic and financial stability have so far been maintained."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Budget planning and preparation; COVID-19; External debt; Fiscal risks; Health; Public debt; Public financial management (PFM); Revenue administration\n- Keywords: BoA stress-test; Budget planning and preparation; COVID-19; CR; Europe; ISCR; night curfew; staff appraisal; test positivity rate; test rate\n\n---\n\n Content in this bundle\n\n- 1albea2020002\n  - 1albea2020002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1albea2020002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 30, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513562582.002",
    "Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic.",
    "The authorities responded promptly to the shocks, and macroeconomic and financial stability have so far been maintained.",
    "The economy is expected to contract sharply in 2020, followed by a gradual recovery in 2021-22.",
    "The outlook is subject to major uncertainty and rising downside risks as a second wave is gripping many countries in Europe.",
    "Albania’s capacity to repay the Fund is adequate, but risks have risen in light of the shocks.",
    "Aside from a more severe pandemic, key risks stem from:",
    "Authorities responded promptly to the November 2019 earthquake and the COVID-19 pandemic.",
    "Macroeconomic and financial stability have so far been maintained.",
    "Subject: Budget planning and preparation; COVID-19; External debt; Fiscal risks; Health; Public debt; Public financial management (PFM); Revenue administration",
    "Keywords: BoA stress-test; Budget planning and preparation; COVID-19; CR; Europe; ISCR; night curfew; staff appraisal; test positivity rate; test rate",
    "**1albea2020002**"
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