PRESS RELEASE
Governor Sejko attends IMF and WB Spring Meetings, April 2024

On 18-21 April 2024, the Governor of the Bank of Albania, Mr Gent Sejko, attended the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington D.C., USA.

Each year, the Spring Meetings bring together central bank governors, ministers of finance of member states, executives from international financial institutions, and representatives from academia, private sector and civil society. Albania was represented in the Spring Meetings 2024 by a joint delegation of the Bank of Albania - represented by the Governor of the Bank of Albania, Mr Gent Sejko, the Minister of Finance, Mr Ervin Mete, and other officials from both these institutions.

During the IMF-WBG Spring meetings, the Albanian delegation had several meetings with senior officials of international financial institutions. Amongst others, from the IMF: Mr Federico Giammusso, Executive Director for Albania;  Mr Alfred Kammer, Director of the European Department; Ms Anke Weber, the IMF Mission Chief for Albania. From the World Bank Group, Governor Sejko met with: Ms Antonella Bassani Vice President for Europe and Central Asia; Mr Matteo Bugamelli, Executive Director for Albania; Ms Xiaoqing Yu, Country Director for the Western Balkans Region of the World Bank Group; Mr Alfonso Garcia Mora, Vice President for Europe, Latin America and the Caribbean at International Finance Corporation (IFC).

In these meetings with the high representatives of the IMF and the WB, Governor Sejko and Mr Mete informed the interlocutors on the latest developments in the Albanian economy, the implemented reforms, as well as the expectations for the upcoming period.

They highlighted that Albania is in a positive growth momentum. As at end of 2023, public debt further declined, at 59.2%; foreign direct investments reached record figures , around EUR 1.5 billion; the number of foreign visitors bolstered, and this trend has trend has continued in the first months of 2024 as well; while unemployment rates were at low levels. In addition, the banking sector appears to be well capitalized, with high liquidity rates. Against a global context characterized by a rapid surge in prices, uncertainty and financing costs, Albania has succeeded to ensure positive growth rates in the overall economy, employment, and wages. We have made progress in reducing inflation, and we have safeguarded the overall economic and financial stability.

Inflation fell to the target of the Bank of Albania in a relatively fast pace, reaching 2.3% in March 2024. This is also a consequence of the interventions and the monetary policy implemented by BoA, which had as its objective the amortization of shocks and the mitigation of domestic inflationary pressures.

The high-level representatives of the IMF and WBG commended the positive role and the policy implemented by the Bank of Albania.

They singled out as a positive development the increase in the Standard&Poor's rating for Albania's credit for the first time, which was followed by an upward review of the outlook by the Moody's agency. They also emphasized that the country's exit from the grey list of the FATF/ MONEYVAL is a development with positive effects for Albania.

They assessed the efforts and reforms undertaken by the Albanian authorities also in the framework of the European integration process, as well as in terms of successfully dealing with the successive shocks, where according to the IMF's estimates, Albania resulted as one of the most resilient economies in the region.

Also, the representatives of the IMF and the World Bank positively evaluated the trend followed by the Albanian economy and the progress of the main macroeconomic indicators and parameters.

The Albanian delegation thanked the representatives of the IMF and the WB for the technical assistance and continuous support through funding of concrete development projects.

Governor Sejko highlighted that the monetary policy stance, supervision and prudential regulation of the banking sector, continuous investment in advancement of the payment system, along with innovation and digitalization of financial services, have all contributed to developing the financial sector and strengthening the stability of our country.

The Minister of Finance, Mr Ervin Mete, stated that attention has been paid to the continuous support of human capital and with the assistance of the World Bank we aim to analyse all the components of social protection. Also, projects in support of tourism and other priority sectors of the economy will be in focus.

The Albanian representatives stated that economic integration within the region and with the European Union starts with payment systems and services. Thanks to Albania's participation in the Single Euro Payments Area, also known as SEPA, secure foundations are being laid for the acceleration of exchanges in the economic plan.

Minister Mete and Governor Sejko, participated in a closed-door meeting with the Ministers of Finance and Governors of the Central Banks in Central, Eastern and South-Eastern Europe (CESEE) to discuss the economic outlook and challenges that these countries are faced with, organized by the European Department of the IMF.

In the framework of these Meetings, Governor Sejko and Minister Mete also participated in the plenary session of the IMF's International Monetary and Financial Committee and the World Bank Group Development Committee.