Albania to seek consultations with IMF, World Bank on 2012 budget.

By bne IntelliNews August 19, 2011
Albanias finance ministry will launch consultations with the IMF and the World Bank when preparing the state budget for 2012, Mapo daily reported. In this way, authorities aim to avoid mid-year budget revision, such as the actualisation of 2010 and 2011 state budget law. Albanian government targets to reduce the public debt to 58% of the GDP in 2012 from 59.7% projected for this year. In a statement following a mission to the country in June, the IMF said that fiscal consolidation in the near and medium term will be the key priority for boosting economic development and lowering risk for Albanian economy. The fund warned that large deficits, close to and above 5% in mid-term will push public debt up and mid-year budget review would become imperative. The IMF suggested that the introduction of expenditure-based fiscal rules could form the centerpiece of a sustainable fiscal policy. In particular, the annual growth of real primary expenditure would not exceed 1.7%.
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