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IMF, criticism of the government/ "Make more ambitious reforms, pensions must cover expenses"

2024-11-26 16:07:00, Ekonomi CNA

IMF, criticism of the government/ "Make more ambitious reforms, pensions

The International Monetary Fund has criticized the government over pensions and high spending.

Through a statement, the IMF has stated that increasing long-term pressures on spending will require even more ambitious reforms.

The IMF has stated that pensions should help alleviate pressures on spending.

As for bonds, the International Monetary Fund has emphasized that their increases should become permanent.

"Increasing long-term pressures on spending will require even more ambitious reforms. IMF staff estimates an increase in public spending of about 10 percentage points of GDP over the next 25 years, driven mainly by pensions, health care and climate adaptation. Labor market and pension reforms, including increased coverage and employee participation in the pension system, will be needed to help alleviate these spending pressures. Temporary increases in pension bonuses should be done with caution, given the risk that they may become permanent. Support for families in need is better channeled through well-intentioned social assistance schemes. More ambitious long-term revenue reforms – for example, to reduce inequality in the tax treatment of some sectors of the economy, such as agriculture – could help Albania reach its full potential in tax revenues”, the IMF underlined.

This statement came after the International Monetary Fund team for Albania completed the visit held in Tirana on November 13-21, within the framework of Article IV./ CNA





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