Press Release No. 22/315

Tirana, Albania: Mr. Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement in Tirana today at the conclusion of his visit to Albania:

“It was a pleasure to have my first visit to Albania as Deputy Managing Director of the IMF. I would like to thank Bank of Albania Governor Gent Sejko, Finance and Economy Minister Delina Ibrahimaj, and other officials for their warm hospitality and for the opportunity to learn more about Albania’s economic and financial conditions.

“The IMF has a long-standing and productive working relationship with Albania. I have appreciated this opportunity to deepen our relationship and to underline our firm support for Albania. I leave with a strengthened sense of friendship and partnership following my meetings with the authorities, which impressed me with their high level of engagement.

“Albania has shown considerable resilience in the face of multiple shocks in recent years, maintaining macroeconomic and financial stability. The authorities have responded swiftly to the shocks with policy buffers built in the past.

“In my discussions with the authorities, I emphasized the challenges Albania faces stemming from rising food and energy prices, tightening financial conditions, and a weakening external environment. There is a need to protect the vulnerable from the cost-of-living pressures through temporary and well targeted fiscal support.

“We also discussed policies to boost Albania’s growth potential and income convergence with the EU and I urged the authorities to continue with the finalization and implementation of a sound Medium-Term Revenue Strategy.”