German economist takes over as IMF chief to Albania

TIRANA, May 6 – German economist Jens Reinke has been appointed the new IMF resident representative in Tirana, replacing Nadeem Ilahi, the International Monetary Fund said in a statement.
“I am very pleased to announce the appointment of a new IMF resident representative in Tirana, Jens Reinke, who is expected to begin his assignment in July 2014,” said Ilahi.
“Mr. Reinke, a citizen of Germany, has been working for the IMF since 2004. Currently a
senior economist in the African Department, Mr. Reinke has wide experience, including in countries with IMF-supported programs. He has represented the Fund in numerous countries in Africa, Southern Europe, Asia, the Pacific, and Latin America.
Before joining the Fund, Mr. Reinke worked in academia and at a central bank. He holds
a PhD from the London School of Economics.
The International Monetary Fund has approved a three-year Euro 331 million soft loan which will pave the way to the payments of accumulated unpaid government bills and give a boost to the ailing economy by promoting new investments and reducing non-performing loans.
The IMF concluded its permanent mission to Albania in January 2009 when relations with the Fund were reduced to an advisory role. The renewed deal also comes after the country’s economy has sharply slowed down in the past couple of years, with GDP growth slowing down to 0.44 percent, the lowest in the past 15 years.