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IMF backs Albania's draft budget and fiscal package for 2017

Xinhua, November 3, 2016 Adjust font size:

Albanian government has reached an agreement with an International Monetary Fund(IMF) mission on the country's 2017 budget and key policies underpinning it, officials from both sides said at a press conference Wednesday.

Such an agreement was reached under the condition that Albanian authorities should settle the central government arrears, according to Albanian Finance Minister Arben Ahmetaj and head of the IMF mission Anita Tuladhar.

An IMF mission led by Tuladhar visited Tirana between Oct. 20 and Nov. 2, during which they held discussions on Albania's 2017 budget as part of the combined ninth and tenth reviews of Albania's extended fund facility (EFF) arrangement.

According to Tuladhar, the country's 2017 budget aims to reach a primary surplus of 0.7 percent of GDP.

To achieve its fiscal target, the Albanian government has committed to a fiscal package that includes raising oil-related revenues, tightening tax exemptions, and increasing the coverage and strengthening the collections of property tax, she said at the press conference.

The head of the IMF mission also said that the budget allows for moderate public wage and pension increases while containing the wage bill, as a percentage of GDP, to 2016 levels, thus giving the green-light to Albanian government decision to increase wages and pensions.

On his part, Albanian finance minister said that the growth of foreign direct investments, structural reform and stabilization of the Albania's main trade partners will be main engines of economic growth for a medium-term.

Earlier, IMF released a regular report on Central, Eastern and Southeastern Europe, keeping unchanged the projections of Albania's economic growth at 3.4 percent, whereas for next year the country's economy is expected to go up to 3.7 percent. Enditem