IMF Staff Country Reports

Albania : Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

April 17, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Albania has been hit by two consecutive major shocks. On November 26, 2019 Albania was struck by a severe earthquake that killed 51 people and caused significant physical damage. In addition, the ongoing COVID-19 pandemic is severely disrupting economic activity, with the expectation of sharp declines in tourism, FDI, remittances, and temporarily restrained financing amid a tightening of global financial conditions. The authorities’ policy response to the shocks has been timely and targeted. Nonetheless, real GDP is expected to contract severely this year. The earthquake and COVID-19 pandemic, and the planned fiscal expansion to help cushion these shocks, have created urgent fiscal and external financing needs.

Series:

Country Report No. 20/118

Subject:

Balance of payments need External sector Financial markets Fiscal sector Rapid Financing Instrument (RFI) Real sector