Ministry of Finance Postpones Loan Offer Deadline

Tirana, Jan. 12, 2009 — Ministry of Finance postponed deadline for its credit request from international institutions, a statement published on its website reported. Xhentil Demiraj, head of Debt Management Office, told AE that “interested companies had not been able to prepare their offers in time and asked for a second deadline, due to end year holidays season”.
Back in December 2008, Albania asked for 200-250 million euro loan by international lenders. 2008 “to finance various capital expenditure needs for the year 2009″. First deadline was set for January 15, but Monday was extended to January 30. The Ministry has not given any official explanations on why the deadline was changed.
Albania needs foreign funds to complete works for the “Patriotic highway” a 1 billion euro project that intends to link Albania’s coastline with Kosovo.
State budge revenues experienced exceptional growth during last year, mainly due to the increase in commodities prices. However, this source of revenues is expected to decrease due to shrinking prices of core goods like oil.
According to the Finance Minister Ridvan Bode, Albania intends to rely on foreign debt in order to afford the costs emanated from the global financial crisis.