Albania:First Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania

First Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Albania

Volume/Issue: Volume 2020 Issue 309

Publication date: November 2020

ISBN: 9781513562582

$18.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , test positivity rate , staff appraisal , test rate , night curfew , BoA stress-test , COVID-19 , Budget planning and preparation , Europe

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Summary

Albania continues to be severely affected by the aftermath of the November 2019 earthquake and the COVID-19 pandemic. The authorities responded promptly to the shocks, and macroeconomic and financial stability have so far been maintained. The economy is expected to contract sharply in 2020, followed by a gradual recovery in 2021-22. The outlook is subject to major uncertainty and rising downside risks as a second wave is gripping many countries in Europe. Albania’s capacity to repay the Fund is adequate, but risks have risen in light of the shocks. Aside from a more severe pandemic, key risks stem from elevated public deficits and debt, weaknesses in public finances, and a relatively high level of non-performing loans (NPLs) and euroization.