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IMF mission chief: Comprehensive reforms are needed to join the EU

2025-11-14 12:48:00, Aktualitet CNA
IMF mission chief: Comprehensive reforms are needed to join the EU
Anke Weber

The International Monetary Fund mission held a closing conference today with the Bank of Albania and the Minister of Finance, Petrit Malaj.

The IMF Country Director for Albania, Anke Weber, also made recommendations for the country's economic development during her speech. She said that reforms in property tax and tax revenue administration through information technology should be pushed forward, while emphasizing that the foreign exchange component should be managed carefully.

Weber also called cooperation between institutions and the government essential. She said that joining the EU by 2030 will require comprehensive reforms in human capital, the labor market, the rule of law, and business regulations.

“The IMF recommends increasing Albania’s low tax revenues by harmonizing tax expenditures, advancing property tax reforms, and strengthening tax revenue administration through information technology. We are aware of the emerging risks that require close attention. A strong increase in bank lending has been seen. The foreign exchange portion also needs to be managed carefully. There must be cooperation between institutions and the government, this must remain essential.

Productivity remains low and the labor force is shrinking amid high youth unemployment and emigration. Governance weaknesses and administrative capacity constraints pose obstacles for businesses. Meeting the government's commitment to join the EU by 2030 will require comprehensive reforms in human capital, the labor market, the rule of law, and business regulations.

"We at the IMF remain committed to supporting Albania on this journey. We will work with the authorities to promote macroeconomic stability and higher living standards. In this context, the Fund plans a financial stability assessment in accordance with IMF, WB and applicable procedures ," Weber said. /CNA





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