FinMin to borrow without Parliament’s okay

Tirana Times
By Tirana Times December 29, 2014 13:02

TIRANA, Dec. 24 – The ruling Socialist Party-led majority approved this week a controversial law which allows the Finance Minister to borrow without prior approval by Parliament within the limits set by the budget.

Government argues the changes are aimed at accelerating borrowing procedures in order to secure lower interest rates.

With the 2015 budget and fiscal package already approved, the Albanian government has started working on issuing a second Eurobond in 2015 when its debut five-year Eurobond issued in late 2010 matures.

Finance Minister Shkelqim Cani says government is planning to borrow Euro 300 million to 500 million from international markets so that lending to businesses from local banks is not affected.

Tirana Times
By Tirana Times December 29, 2014 13:02