. all indicators, whether current account balance, inflation, fiscal balance, exchange rate, interest rates, foreign exchange reserves, point clearly to a positive direction. the challenge for the economic managers is to maintain this stability so that private investors can make investment decisions with full knowledge of the expected profitability in an environment where there is little turbulence or swings in the key prices. the continuity, consistency, predictability and transparency of economic policies are essential to foster this environment. in this complex world of interdependence and interconnections there would be moments of tension and uncertainty but better communication, fuller disclosure of facts and information to the markets and regular interaction with the economic players will keep things under control. 4. external debt vulnerability : along with high fiscal deficits, pakistan was faced with rising and unmanageable external debt burden. by 1999 / 00 the external debt as a ratio of gdp had reached almost 52 percent. the new government that assumed power took upon itself the task to bring down this burden to an acceptable level. it designed a strategy of debt management that consisted of a long term reprofiling of paris club bilateral debt, substitution of non - concessional loans from ifis by concessional loans, early repayment of expensive commercial and short - term debt and fiscal consolidation. this strategy has been successfully implemented and the absolute stock of external debt and liabilities has, in fact, gone down from $ 38 billion to $ 35 billion. the ratio of external debt to gdp in 2004 - 05 is likely to be around 33 - 34 percent and is on a downward trajectory. average interest rate on the stock of debt has more than halved and external interest payments as a proportion of foreign exchange receipts have gradually dwindled to less than 25 percent providing a breathing space and freeing the country from the undue pressures of crisis management. 5. deregulation : in a number of areas such as petroleum, natural gas and agriculture inputs and outputs the prices and trade have been completely deregulated. market forces determine the prices that are no longer controlled or administered by government decrees or regulations. although the mindset of the administrators has not changed and instances of petty harassment and extortions by these officials are rampant, the government policy has been quite clearly articulated. for example, the cotton farmers are free to export their produce without any taxes or duties if there is excess supply domestically and no permits or licences are required. similarly, the spinners are at liberty to import cotton at the

issues, as : the difference between needs and desires ; where does money come from and for what does it serve ; the right management of money and savings, etc. this package may be used in free classes ; classes dedicated to school projects ; or in intra - subject projects. all that i mentioned above, makes clear that the bank of albania assesses that financial education should start at an early age. this affirmative sentence constitutes the philosophy of our programmes. the bank of albania aims at building up the communication bridges, awarenessraising and financial knowledge empowering to the new generation. they should gradually acquire the necessary knowledge, abilities, position and behaviour to take sound financial decisions and be able to deal with emergency situations, like the current one we are experiencing. concluding, i would like to thank all participants and collaborators of the bank of albania in all its educational initiatives and programmes, and particularly for the global money week. absolutely, such themes as planning personal finance may not be quite attractive to new age groups, nevertheless being aware of their importance and impact on the life of everyone, it is crucial that our institutions never stop their efforts to bring them to the attention of the young people. this is what we have tried to achieve through the activities and competitions that will take place during gmw 2021, and which i kindly invite you to attend. i sincerely thank you for your contribution and i wish a successful performance to all participants! 2 / 2 bis central bankers'speeches