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Albania to receive tranche of 77.6 mln USD from IMF

Xinhua, February 27, 2017 Adjust font size:

Albania looks to receive a tranche of 77.6 million U.S. dollars from the International Monetary Fund (IMF), local media reported on Sunday.

The IMF Executive Board has completed the two final reviews of Albania's economic program supported by an agreement under the Extended Fund Facility (EFF).

The completion of the ninth and tenth reviews allows Albania to draw the equivalent of an additional 73.2 million euros (77.6 million U.S. dollars), bringing total disbursements to the equivalent of 377.3 million euros, according to the IMF in a statement.

Approval of all IMF disbursements confirmed that Albanian authorities had met all conditions and had implemented key structural reforms, demonstrating strong ownership of the program, IMF said.

The IMF approved three years ago a 36-month extended arrangement under the EFF for Albania, with the aim to help Albania restore economic growth and control the rapidly-rising public debt that had threatened economic stability.

The agreement also aimed at strengthening public finances, maintaining financial stability, and implementing structural reforms. Endit