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World Bank approves $120 million loan to strengthen fiscal sustainability

Politiko 2025-02-13 17:31:53

World Bank approves $120 million loan to strengthen fiscal sustainability

 The World Bank's Board of Executive Directors approved the Second Sustainability and Green Development Policy Program (DPL), with a financing of $120 million to strengthen fiscal sustainability and promote sustainable development in Albania.

This is the second in a two-phase financing series to help the country improve fiscal and environmental sustainability. The new program will support Albania in three key reform areas, which aim to: This program is aligned with the Country Partnership Framework for the period 2023-2027, which reinforces the World Bank’s commitment to Albania’s sustainable development and improving the quality of life for its citizens.

“The package of reforms we support through this program aims to strengthen Albania's development prospects,” said Richard Record, the World Bank's acting Country Manager for Albania.

“This financing will help the country address key challenges in the energy sector as well as increase the government's ability to manage fiscal risks and better support vulnerable segments of the population.”

The program reflects Albania's aspirations for membership in the European Union, the Economic Reform Program 2024-2026, and the country's international climate commitments. Key measures include strengthening fiscal sustainability, improving the social assistance system, and promoting reforms in the energy sector.

Albania's macroeconomic policy framework remains stable, characterized by a manageable fiscal deficit, declining public debt, and a stable monetary policy supported by prudent measures and supervision./ Monitor

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