gent sejko : fifth review of the arrangement with the imf concluded speech by mr gent sejko, governor of the bank of albania, at the joint press conference with the imf mission, albanian mof ( ministry of finance ) and medtte ( the albanian ministry of economic development, tourism, trade, and entrepreneurship ), tirana, 30 june 2015. * * * dear media representatives, in line with the already established practice, in the past two weeks, we have constantly met and exchanged views and opinions with international monetary fund representatives. as always, these meetings serve to make a comprehensive analysis of economic and financial developments, with a view to identifying the necessary measures for a steady development. following, i will present a summary of bank of albania ’ s opinion. the albanian economy is on a positive development trajectory, irrespective of the shocks we have been facing in the first half of the year. economic and financial balances in albania are sound. the banking system is liquid and well capitalised ; albania ’ s public debt is in control ; and, the financial situation of albanian businesses and households is improving. long - term development resources for the country remain stable. this situation is an outcome of economic policies oriented towards stability, which we have undertaken. in view of the latest developments in greece, i would like to emphasize that the external environment appears challenging, but albania ’ s economy and financial system are capable to withstand even extreme shocks. the short - term costs that we have paid due to structural reforms and fiscal consolidation show their benefits exactly in such moments. under the current circumstances, it is necessary for economic and financial policies to continue to be guided by the philosophy of prudence. we are able and ready to take additional measures, if necessary. i would like to assure the private sector that the development perspectives for the albanian economy remain positive. albanian businesses and households should continue, uninfluenced, with their consumption, investment and development plans. let me be more concrete with regard to the above. economic and financial developments have been overall in line with our year - start projections, but incoming information has resulted on the down side of our expectations. therefore, the bank of albania has revised down the expected economic growth for 2015. yet, in our judgment, shocks are expected to have only a transitory effect on economic activity indicators and not affect the medium and long - term trends of development. economic growth is expected to improve in the second half of the current year and

scenarios, the monetary policy stance will remain accommodative for several quarters ahead. we are, however, willing to take any additional measures necessary to maintain price stability and the purchasing power of albanian households. • safeguarding the country ’ s financial stability, in cooperation with all the stakeholders. we are in on - going contact with our international partners and other public agencies. our analyses show that the banking system is stable. however, even under shocks, we have detailed measure plans available to avoid financial constraints. • developing the financial system further through the implementation of measures agreed upon under the fsap arrangement and provided for in cooperation with the continued imf assistance. • continuous improvement of the bank of albania, with a view to enhancing its professionalism, reputation and independence. in this context, the bank of albania will continue to work on improving the control and management systems, to reduce operational risks and improve communication and transparency. in addition, the bank of albania emphasizes the need to continue structural reforms, which will allow faster, more sustainable and more inclusive growth for different social levels of the society. thank you! bis central bankers ’ speeches