USD 800 per citizen to cover public debt

By Gajtis Bejleri
TIRANA, June 23 – In a country with a per capita GDP calculated at between USD 5.200 and 6.600, each citizen would have to pay nearly USD 800 to pay to eliminate the public debt. This is the conclusion reached after the Ministry of Finances made public reports on the country’s debt to international banks and other countries.
In total, Albania owes other governments or international banks a total of USD 2.4 billion. This includes a reported USD 600 million loan the Government took in 2008 in order to fulfill its investment plans for the year.
Since 1991, Albania has been seeking loans from international organizations and other governments. The likes of International Development Association (IDA, a body of the World Bank), the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) are institutions issuing loans at very low rates to developing countries.
According to the report, the Albanian Government’s loans from IDA, EIB and EBRD total USD 679.5 million, USD 90 million and USD 56 million, respectively, while another USD 33 million are grants from other financial institutions.
Among countries, Albania’s largest creditor is Italy with USD 140 million, followed by Germany with USD 114.5 million. Japan and Kuwait play large roles in Albania’s public debt as well, at USD 54 million and USD 30 million, respectively.