World Bank calls on new Albanian govt to keep fiscal discipline, launch structural reforms

By bne IntelliNews July 12, 2013

The World Bank has called on the new Albanian government, which will enter in office in September, to maintain the fiscal discipline and to implement key structural reforms in order to support sustainable economic growth, Voice of America, reported, citing statement of the World Bank’s country manager, Kseniya Lvovsky.

The global lender believes that the government needs to make overdue payments to Albanian businesses, while fiscal consolidation warrants cautious approach as regard to public investments.

Albania is requested to establish a fiscal rule and to set up an independent Fiscal Council, with the purpose to monitor the fiscal policy. A programme for cooperation with the IMF will also be an useful tool. The Bank noted that the recent problems in the domestic energy sector showed the urgent need for structural reforms. The strengthening of the local governance will also be required.

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