IMF representatives are expected to launch this week consultations with Albanian authorities on fiscal policy and the measures to strengthen the budget position, local daily Shqiptarja informed.
Along with the dynamics of macroeconomic indicators, experts will focus on public debt restructuring and the related management strategy. This in particular will include an analysis on the possible reduction of the dependence of government financing on commercial banks.
The IMF experts are also expected to advise the Albanian authorities on the preparation of the 2014 state budget draft.
As regards to the execution of the 2013 state budget, the finance ministry plans to draft its revision by end-September. Albania’s 7-month general budget deficit expanded by 128.5% y/y to ALL 47.7bn (EUR 340mn) as revenue fell while expenditure increased, latest data from the finance ministry showed.
As noted, Albania’s newly appointed finance minister Shkelqim Cani has already indicated that Albania seeks to cooperate with the IMF in order asses the country indebtedness.
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