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

ardian fullani : a summary analysis of domestic economic developments and the banking sector situation speech by mr ardian fullani, governor of the bank of albania, at the regional meeting, shkodra, 20 january 2011. * * * ladies and gentlemen, the bank of albania considers its communication with the public a key element to an effective communication of its decision - making. to serve this purpose, it makes use of all forms and types of communication. however, direct contact with the people provides us with a real perception and interpretation of their position and expectations and supports a more effective decision - making process. therefore, i am pleased to be again in your city, the centre of a region of well - known intellectual, cultural and patriotic heritage, which also gives a significant contribution to the country ’ s gross economic product. i would like, to start this direct communication with you with a summary analysis of domestic economic developments and, after that, dwell in more details on a number of concrete issues that affect the strength of relations between families and businesses on one side, and the financial system and banking sector on the other. during 2010, the albanian economy is expected to have recorded a satisfactory growth. for the third quarter, annual economic growth is estimated at 4. 9 per cent. the economic growth rate has been stable for the last two years, thus proving a good level of resistance to the effects of the international economic crisis. other macroeconomic indicators have ranged within acceptable and expected levels. it is worth mentioning that this macroeconomic stability is a reflection of the successful combination of key economic policies, that is to say, monetary and fiscal policies, during last year. more specifically, the fiscal policy aimed and succeeded to realise the necessary consolidation process following a fiscal expansion that accompanied economic developments in 2009. fiscal consolidation was accomplished through better control over public expenditures and collection of revenues close to foreseen levels. the exchange rate for the national currency, regardless of its underpricing in 2009, less so in 2010, has been much more stable than currencies of other countries in south eastern europe, which apply a free flexible exchange rate policy. a gradual under - pricing of the albanian lek is deemed to have had a positive affect on the reduction of trade and current account deficits through establishing a more favourable dynamic for our economy ’ s exports and imports. eventually, it is fully proven that the adoption of a flexible exchange rate regime has been one of the most outstanding choices of economic and financial policies over the past