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The government owes another $ 80 million to manage crisis risks

Politiko 2022-06-29 08:12:26

The government owes another $ 80 million to manage crisis risks

Albania will receive another loan from the World Bank that will come as support for increasing the resilience of the economy to crisis shocks and better risk management.

A recently presented project dated June 8 but published only three days ago envisages that under the heading Sustainable Growth Development Policy Financing $ 80 million will be received which will serve in two directions.

The Board of the Bank anticipates that the meeting for approval will be in February next year.

This is one of the few loans that the government is seeking from the Bank recently as part of the framework that this financial institution has with Albania for the reforms that will be supported in the future.

Specifically, it is stated that this information document on the program proposes a Sustainable Growth Development Policy (DPF) Financing operation for Albania in the amount of USD 80 million.

This operation supports Albania's efforts to strengthen the sustainability of the economy and to strengthen environmental sustainability.

"The current stagnation in the global economy caused by the war in Ukraine and the COVID-19 pandemic hit Albania after a devastating earthquake in 2019. Albania withstood these multidimensional shocks and is on track to recover together with its Western Balkan neighbors.

But, it suffered a fiscal cost, in higher debt and lack of attention to critical areas of environmental sustainability. While rising debt and delayed environmental reforms are cause for action, the growing frequency of natural disasters that Albania is facing, along with the risks posed by climate change, argue the need to rebuild fiscal dampers and introduce strong mechanisms for risk mitigation. They also highlight the need to refocus on the pre-pandemic reform agenda and strengthen the foundations of growth by addressing environmental concerns.

The objective of developing the program for the proposed operation is to support Albania for

(i) strengthening the resilience of its economy by restoring fiscal dampers and better risk management; and

(ii) strengthening the foundations of growth by strengthening environmental sustainability "underlines the Bank./Monitor

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