IMF mission visits Albania on 2007 budget

TIRANA, Oct. 25 – An International Monetary Fund mission started a visit to Albania to discuss on its 2007 budget. The mission will soon be joined by Arrigo Sadun, the executive director for Albania. Mission head Istvan Szekely attendede meetings with Finance Minister Ridvan Bode. Szekely presented an evaluation on the performance of the Finance Ministry together with suggestions pointing out the areas where there is room for improvement. It is expected that such suggestions are reflected in the 2007 budget. The primary goal of the mission now is to review the performance of the country’s $24.7 million (19.7 million euro) three-year financial agreement with the global lender which was approved in January. The first installment of $7.2 million has been given and the second one of $3.6 million was given in July. Half of the funds will be provided under the IMF’s facility for low-income countries, which provides financing at preferential rates. The rest of the loan will come under the fund’s Extended Fund Facility, and Albania will have to pay IMF’s market-related interest rate.The IMF mission is also working to adjust its program according to the objections and suggestion from the Finance Ministry. Both sides agreed that there is more time to develop the program. Minister Bode said the 2007 budget was expected to be sent to the parliament within this week.
The IMF director will hold a press conference together with Finance Ministry and central Bank of Albania Nov. 6.