for designing emergency measures to help the economy, and then to draft the economic recovery plan, which a few days ago was approved by the assembly of kosovo through the passage of the law on economic recovery. as a result of our ongoing communications, rfi ( rapid financing instrument ) has been approved by the imf in the amount of 52 million euros to cover urgent and temporary balance of payments needs as a result of the covid - 19 pandemic. also, after coordination with the central banks of the region, the european central bank has approved the request of the cbk to establish a repo financing line in the amount of 100 million euros. this line of financing enables the cbk to borrow liquidity in euro currency from the eurosystem, to address the potential liquidity needs of financial institutions in kosovo in the event of market dysfunction due to the covid - 19 pandemic. seeing that the country's economy was entering a pronounced crisis, where businesses and citizens were facing great financial difficulties, the cbk, based on international best practices and in cooperation with lending institutions in kosovo, undertook a series of measures to help the economy cope more easily with the challenges of this crisis. these measures initially consisted of applying a moratorium on loan repayments without any punitive measures for all borrowers who have been adversely affected by the pandemic. this moratorium has temporarily relieved the borrower of the loan repayment burden, thus improving their liquidity position to finance other needs. following the end of the moratorium period, the cbk has published a guide to loan restructuring in order to establish the criteria on which the loan restructuring process should be based for borrowers who have encountered financial difficulties as a result of the pandemic. the credit restructuring guide has made it possible to ease the credit burden on borrowers without implicating any deterioration in their classification in the kosovo credit register. the measures taken by the cbk were assessed as very adequate, both by the local public and by international financial institutions such as the international monetary fund in the article iv report on kosovo and the world bank. also, the central bank of the republic of kosovo has welcomed the conclusions drawn in the report of the european commission for kosovo for 2019, which recognizes the commitment and reforms undertaken in the financial sector. the ec report has devoted a special space to developments related to the impact of the pandemic on kosovo's economy, highlighting the measures taken by the cbk to assist borrowers

and electronic payment instruments and reduce cash, in order to reduce the cost of payment services for the most efficient flow of transactions as well as other positive effects on the economy. we have created the possibility for access to the payment system of non - bank financial institutions, as well as the possibility of having an iban, to increase access to finance, within the concept of " payment account ", where we have also approved the relevant regulation. we have changed the organizational structure, where the responsibility of payment institutions and electronic payment institutions supervision has been added to the mfi / nbfi supervision division, the it systems supervision division has been established, within the credit registry division, the responsibility of register of bank accounts, as well as the department of consumer protection was established where, in addition to the division of consumer complaints of financial services, the division of supervision of market practices was also established. we are in the process of finalizing the draft law on payment services, in compliance with eu directives such as psd2 ( payment services directive 2 ), emd ( e - money directive ), pad ( payment account directive ), and interchange fees, where at the beginning of february we have organized jointly with the world bank and financial institutions the two - day workshop in order to increase knowledge about payment services based on the most advanced developments in this field. the law on the anti money laundering will also be revised and the relevant cbk regulations will be amended in order to fulfill the necessary criteria in this field we are in the process of building infrastructural capacities and human resources to ensure that systems, equipment, knowledge, skills and personnel tools remain relevant and effective in overseeing the risks of new technologies and innovative business models. we have approved the regulation on cash operations as one of the basic criteria towards membership in the sepa payments scheme and access to the european union's fast payments system ( tips ). recently we are in contact with central bank of italy ( banca d'italia ) and we are interested in gathering insights on the current status of the tips clone project, its features, potential implementation in our domestic context, and, possibly, associated costs. we are also working to increase the awareness in our institution and to the supervised institutions for the risks that are linked with digitalization. cyber intrusions pose a risk to the stability of national and international financial systems due to their potential cross - border spillover effects, and are becoming more complex as a result of increasing digitalization, growing