Albania to receive EUR 100mn IMF loan tranche in February – deputy FinMin.

By bne IntelliNews February 10, 2014

Albania will receive the first loan tranche worth EUR 100mn from the International Monetary Fund (IMF) in February, AMA news agency reported citing deputy finance minister, Erion Luci.

Albania and the IMF agreed on a EUR 300mn loan deal in December 2013. The 36-month Extended Fund Facility (EFF) was requested by the Albanian government in order to settle debt towards the private sector.

The government plans to start clearing arrears and unpaid bills towards the private sector in March 2014. The finance ministry has already prepared a strategy for payment of the arrears. According to it, the government plans to settle ALL 72.5bn (EUR 516mn) in total of debts within a three-year period.

Funds will be distributed for payments for goods and services, tax refunds as well as liabilities arising from judgments against the state, charges for public expropriation, arrears of persons with disabilities.

Under the schedule, about half of the payments, or ALL 35bn, will be made in 2014 and the remaining parts of ALL 20bn will be settled in 2015 and ALL 17.5bn in 2016.

The IMF has said that debt settlement is expected to have a favourable economic effect, through the resumption of credit growth by helping lower NPLs and supporting domestic demand.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

EIB surpasses investment milestone in the Western Balkans by investing €1.2bn in 2023

EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more

Albanian banks’ profits reach ALL28bn in 2023

Albanian banks reported profits of ALL28.5bn (€271.7bn) in 2023, according to data from the Albanian Association of Banks. All banks in the country reported a profit for the year.  The most ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    6 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    6 days ago
  3. Russia’s war economy boosted by rising oil prices
    7 days ago
  4. Russia’s $13.4bn current account surplus in March second highest since 2007
    6 days ago
  5. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    24 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    28 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    26 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss