Visiting World Bank Vice President Philippe Le Houerou says Albania’s success is due to sound macroeconomic management, an entrepreneurial private sector, a vibrant media, a burgeoning civil society and a pluralistic political system.
TIRANA, Jan. 17 – Having graduated into middle-level income, Albania needs to work hard to get to the next level, achieving higher income through reforms on the institutional side and better implementation of laws that are already in the books. And the World Bank will continue be there to help, the World Bank Regional Vice President Philippe Le Houerou said shortly before ending his official visit to Albania earlier this week.
Albania and the World Bank finished discussions and consultations about the new World Bank Country Partnership Strategy for the next 3-4 years in Albania. The strategy aims to have a strong and fruitful partnership in the years ahead as Albania advances on the path to EU accession.
Mr. Le Houerou said in a meeting with the Albanian government that as the impact of the crisis continues to emerge, the World Bank encourages Albania to hold on strongly to its tradition of sound, patient and prudent fiscal policy that has helped its economy remain resilient and grow so strongly in the past 19 years.
“Coming after over four decades of dictatorship and isolation, the country has rebounded with strong and sustained growth and dramatic improvements in social welfare,” he said. “Real income has tripled since 1991, and just in the last six years, poverty has been divided by two. These remarkable achievements are the product of continuous structural reforms in building up Albania’s market institutions.”
Mr. Le Houerou also said that the result of sound macroeconomic management, an entrepreneurial private sector, a vibrant media, a burgeoning civil society and a pluralistic political system. The country has withstood and recovered from several crises – financial, civil unrest, adverse weather – while lending a hand to its neighbors and playing a stabilizing role in the region.
During his four-day visit, Mr. Le Hou곯u met with President Bamir Topi, Prime Minister Sali Berisha, members of the Cabinet, Governor of the Bank of Albania Ardian Fullani, leader of the opposition Edi Rama, and representatives of civil society, private sector, and the international community.
He also visited a number of World Bank-supported projects.
“With our new Country Partnership Strategy, our ambition is to continue to be a trusted and effective partner to the Albanian people on their remarkable journey towards prosperity,” he said. “We stand ready to support your efforts to build a socially-inclusive, financially-sound, and environmentally-sustainable Albania and to become a full-fledged member of the European Union.”
The World Bank has financed close to 70 operations in Albania, since 1991 with financial resources of $1.4 billion. These operations range from early reconstruction and rehabilitation, to institutional development in almost every area of economic and social work – financial sector and private sector development, education and health care, irrigation, administrative reform, energy, transport, forestry and environmental protection.
“Indeed, for the World Bank, Albania is our European success story,” Mr. Le Houerou said.
