Albania: First Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania

November 30, 2020

Preview Citation

Format: Chicago

Albania: First Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania, (USA: International Monetary Fund, 2020) accessed November 22, 2024

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. 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 elevated public deficits and debt, weaknesses in public finances, and a relatively high level of non-performing loans (NPLs) and euroization.

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

Publication Details

Pages:

64
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/309
Stock No:

1ALBEA2020002
ISBN:

9781513562582
ISSN:

1934-7685

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