Pact with IMF avoids crisis deepening in Albania: IMF official

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20.12.2013 - 07:59

Pact with IMF avoids crisis deepening in Albania: IMF official 
2013-12-19 22:41:14  

     TIRANA, Dec. 19 (Xinhua) -- The agreement the International Monetary Fund (IMF) reached with Albania on an economic program two days ago was helpful in avoiding tax increase and economic crisis deterioration in Albania, Top Channel TV reported Thursday, quoting an IMF official.

     IMF mission chief for Albania Nadeem Ilahi said the IMF loan agreement with Albania did not come with stiff conditions and allowed the Albanian government to raise the public debt.

     The IMF and the Albanian government announced Tuesday they had reached an agreement to support Albania's economic program with financial assistance of up to 300 million euros (410 million U.S. dollars) for a three-year-long plan.

     The agreement needs to be approved by the IMF's Executive Board early next year.

     According to the IMF, the Albanian economy will grow 1.3 percent this year and will accelerate to a modest growth of 2 percent next year.  Enditem