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Albania's public debt expected to progressively decline in next few years

Xinhua, February 10, 2016 Adjust font size:

The public debt of Albania is expected to progressively decline over the next few years to 59.3 percent of the Gross Domestic Product (GDP) in 2019, the Albanian Daily News newspaper reported on Wednesday.

Fiscal consolidation will enable the level of Albania's public debt to continue to be programmed to decline from 68 percent of the GDP in 2017, to 63.9 percent in 2018 and to 59.3 percent in 2019, the newspaper quoted the Albanian Finance Ministry as saying.

Fiscal consolidation and public debt reduction is essential to reduction of the risk of debt, which hinders growth and cause macroeconomic instability, according to its Fiscal Macroeconomic Framework of Albania for the 2017-2019 period.

This fiscal framework targets a fiscal deficit of 1.4 percent of the GDP for 2016, 0.5 percent for 2018, and 0.4 percent for 2019.

This targeted measure of fiscal consolidation is consistent with the current program of assistance from the International Monetary Fund. Endi