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Albania's three-year agreement with IMF concluded successfully: minister

Xinhua, March 2, 2017 Adjust font size:

Albania and the International Monetary Fund (IMF) have successfully concluded a three-year program aimed at restoring the country's economic growth and controlling the rapidly rising public debt, Albanian economy minister Arben Ahmetaj said Wednesday.

Ahmetaj lauded the fruitful and successful three-year cooperation with the IMF, saying such cooperation would continue even in the future.

The new government after June 18 elections will reach another agreement with IMF as so far cooperation has yielded significant results, Ahmetaj told local media.

On Feb. 24, Albania drew the last installment of a 400.4 million U.S. dollar credit line which marked the end of the agreement, IMF said in a statement.

The program has successfully put Albania on a recovery path with sound public finances, according to Anita Tuladhar, the head of the IMF team for Albania.

In its statement, IMF cited some of the main achievements of its program with Albania, highlighting that the country's economic growth has accelerated to over 3 percent, public debt has declined, government arrears have been mostly cleared, and the overall fiscal and financial frameworks have been strengthened.

However, IMF noted that Albania must continue efforts to reinforce its growth and the resilience of its economy. Endit