Albania: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Review Under the Extended Arrangement, and Financing Assurances Review: Staff Report; Staff Statement; Press Release on the Executive Board Discu
Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Review Under the Extended Arrangement, and Financing Assurances Review: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Albania
Volume/Issue:
Volume 2008
Issue 128
Publication date: April 2008
ISBN: 9781451800913
$20.00
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Topics covered in this book
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Banks and Banking , Money and Monetary Policy , Public Finance , ISCR , CR , authority , Albanian authorities , staff appraisal , inflation expectation , property damage , supervisory authority , IMF staff representative , Electricity , Credit , Loans , Europe , Global
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Summary
The main challenges for this review were to further redress long-running problems in the energy sector and to balance fiscal policy requirements for development spending with macroeconomic stability. The financial position of the state-owned electricity company (KESH) deteriorated significantly more than anticipated. The authorities have adopted a two-pronged solution to the electricity crisis. The authorities are prioritizing the strengthening of regulation to assure financial stability in a rapidly maturing financial system. The proposed conditionality for the Fifth Review is consistent with program goals, and the program is fully financed.
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