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Malaj: In 2024, budget revenues will grow 9% annually, debt 55.2% of GDP

2025-01-23 07:37:00, Ekonomi CNA

Malaj: In 2024, budget revenues will grow 9% annually, debt 55.2% of GDP

Budget revenues last year marked an annual increase of 9%, while public debt is expected to reach 55.2% of GDP, Minister of Finance Petrit Malaj said today in the Economy Committee.

He explained that by November 2024, budget revenues exceeded the plan by 3% and recorded an annual increase of almost 10%. Meanwhile, preliminary data for the first 12 months of the past year indicate a full realization of the plan and an excess of revenues by 9% compared to 2023.

As a result, public debt is expected to decrease to around 55.2% of GDP by the end of 2024, the lowest level since 2008, Malaj said.

He said that the quality of debt management has improved significantly, with the share of foreign currency debt reduced to below 45%, while over 80% of the total portfolio is at fixed interest rates.

"Our outlook for the future remains optimistic. Both for the year 2024 that we left behind, and for the medium term, we predict economic growth of around 4%.

In the labor market, we project that the unemployment rate will continue to decrease further, dropping for the first time historically to a single-digit level (below 10%) over the coming medium-term period," said the Minister.

Malaj said that the commitment to fiscal consolidation remains unwavering, with the objective of continuing the gradual reduction of public debt. But of course, at the same time, maintaining a relatively high level of investment in education, health and infrastructure, which remain key priorities for the country's long-term development.

"In reflection of these very good developments in the economy as a whole and improvements in public finance parameters in particular, we have recently received an upward outlook assessment from two prestigious rating agencies, respectively 'Moody's' and 'Standard & Poor's, where Moody's in October 2024 improved the rating for Albania from "B1" to "Ba3", while Standard and Poor's increased it from "B+" to "BB-", he added./ Monitor Magazine 





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