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IMF, Reinke: Justice reform would boost investments

26. January 2017

Speaking about the 2017 challenges, he stressed the importance of rule of law adding that Albania has great potentials for economic growth in the future.

Within one day of the wrap-up declaration of three-year mission between the Albanian government and International Monetary Fund (IMF), its representative in Tirana, Jens Reinke, sums up the implementation of three-year programme in Albania as well as the economic projections in 2017.

Reinke said that this period has seen unexpected economic challenges but also a fiscal consolidation. Public debt is following a downward trend. Along with other partners, IMF has assisted in structuring reforms which have performed well, such as in the sector of energy where the results have been pretty encouraging. However, this is a reform in process.

In addition, the IMF representative said: We have seen that enforcement of rule of law and treatment of the private sector in Albania have made significant improvement. So far so good, however the work is not over yet, the government should press on with reforms.

“There is still too much space and potential to catch up with other European countries. There is potential and an active and young labor force. The productivity of labor force, according to private investors, is very good. Natural resources are in abundance, agriculture alike, tourism is developing at high rates, there is potential for an economic growth on a long term.

According to him, the major stumbling block to realizing the growth potential is related to the rule of law. There are so many things, which fall under the umbrella of the rule of law and justice reform, which would help with the business climate and encourage more investors to come.
Therefore, we project an economic growth of 4 percent on the mid-term, this economic growth can be higher provided the environment is more positive and stimulating for investments.