TIRANA, Sep 12lbanian Ministry of Finances announced last week that it will pay back the money it owes to the former Yugoslavia and to its respective republics.
The debt, amounting to $20.7 million (14.2 million euro), had been accumulated by Albania during the communist era through to 1991 when the system broke down bringing forth a new pluralist political system and free market capitalism.
“The Government Committee for the Discussion of Foreign Debt concluded its negotiations with Bosnia and Herzegovina, Croatia, Serbia, Montenegro, Slovenia, and the Former Yugoslav Republic of Macedonia (FYROM) regarding the solution of the debt inherited by the Republic of Albania and owed to former Yugoslavia. After friendly talks, all parties involved agreed for the final sum of the debt amounting to $20.7 million,” sources from the ministry declared.
During the negotiations it was agreed that Albanian was not to pay the accumulated interest during the 1991-2006 period. The ministry declared that respective memorandums, followed by bilateral agreements will be adopted within October.
Tirana talks were held after the committee on distribution of the financial property and liabilities of the former Yugoslav federation reached a consensus in Sarajevo this July regarding clearing accounts for seven countries – Albania, Algeria, Egypt, Bulgaria, Cambodia, India and Guinea.
Foreign Debt to Former Yugoslavia
Country Amount
1.Bosnia & Herzegovina $3.2 million
2.Croatia $4.7 million
3.FYROM $1.5 million
4.Serbia $7.4 million
5.Montenegro $0.464 million
6.Slovenia $3.3 million
