why not even its flexibility. simultaneously, transparency helps the economy to achieve low inflation and interest rates. it is very important that scientific academy and researchers investigate this confidence of ours, providing their contribution and conclusions. the bank of albania has assessed the importance of monetary policy transparency and has made substantial steps for raising its level, especially in the recent year. let me briefly mention some of these improvements : i believe that you share the same opinion with me, that currently the decision - making process in monetary policy area and in that of financial stability has undergone a significant improvement, not only in terms of the analysing process but also from the viewpoint of its communication. presently the supervisory council has disclosed the calendar of meetings dedicated only to monetary policy decision - making. also, since a long time, the process of its implementation, of analysis and of proposals passes through the committee for the implementation of monetary policy, a consultative body which has not only raised the quality of analysis but has also contributed to a new updated format of the bank of albania ’ s communication with the market and with economic agents in general. no doubt, the whole above - mentioned framework passes through an analytical process of assessment and forecasting, which is synthesised in monetary policy reports, part of which are the inflation forecasting models and baseline assumptions for possible economic events to which monetary policy should response. i may elaborate this point even further, but i believe that in my public presentations, in many press releases of the bank of albania supervisory council, and in our periodical publications we have made it clear that the one - digit numerical inflation target, the explanation of both operational and monetary policy framework are a central part of the bank of albania transparency. personally, i am confident that this is the core of central bank transparency. i also believe that, thanks to this increased transparency, we have been relatively successful even in the achievement of another major central bank objective, i. e., that of anchoring the inflationary pressures at the programmed levels. enhancement of transparency to such levels indicates clearly the bank of albania ’ s obligation to be an entirely accountable institution. we are confident that only in this way we will raise our credibility, will maintain and strengthen the confidence of the public and of economic agents in the bank of albania and its commitments. an aspect of transparency i would highlight is that of public understanding of central bank related issues. no effective communication exists without succeeding in understanding eachother reciprocally. no matter how broad and clear the information given by central bank

gent sejko : ninth and tenth 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 and the minister of finance, tirana, 24 january 2017. * * * on the completion of the ninth and tenth review of the arrangement with the imf the beginning of 2017 coincides with the conclusion of albania ’ s arrangement with the imf. this arrangement has guided our development policies over the past three years, and has been a roadmap for our structural reforms agenda in the long term. against this backdrop, the last review of the arrangement not only provides for a comprehensive assessment on the achievement of its objectives, but also helps in identifying challenges to the country ’ s development and contributes to discussions on the policies that need to be designed and implemented for supporting the development. let me now outline the opinion of the bank of albania on this review. the arrangement with the imf was signed amid an external economic and financial environment surrounded by uncertainties, and in response to deepening internal development challenges. economic growth was on the downtrend, public debt and nonperforming loans were set on the uptrend, and uncertainties in the albanian economy and financial markets were relatively high. with the support provided through expertise and funds, the agreed programme with the imf has aimed at drawing up an appropriate monetary and fiscal policy mix, correcting fiscal imbalances, improving the balance sheets of economic agents, and implementing an ambitious structural reforms programme, to support the long - term development of albania. the bank of albania assesses that the arrangement has achieved its major objectives : correcting structural imbalances and setting the country on a steadier path to longterm development. economic growth has been improving in the recent years, driven – among others – by the combination of the monetary stimulus and fiscal consolidation, reduction of risk premiums in the economy and improvement of the balance sheets in the real sector of the economy. from a longer - term perspective, the structural reforms and the improved business climate should open the way for faster, more balanced and stable growth. in addition, excluding the effects of supply - side shocks, inflation has trended upward recently. the improvement of economic activity, implementation of a prudent monetary policy and a better anchoring of inflation expectations render us confident for the stable return of inflation to our 3 % target. lastly, albania has made notable