"Economic integration has begun through payment systems" - Governor Sejko, at the conference organized by the National Bank of Croatia and the IMF
The Governor of the Bank of Albania, Mr. Gent Sejko, participated in the high-level conference organized by the National Bank of Croatia and the International Monetary Fund, on the topic “Growth and Sustainability in Central, Eastern and Southeastern European (CEE) Countries in a More Fragmented World”, in Dubrovnik, Croatia.
This two-day meeting initially included a roundtable discussion with the Managing Director of the IMF, Ms. Kristalina Georgieva, attended by the Ministers of Finance and the Governors of the Central Banks of the SEE countries.
During this meeting, Governor Sejko presented the main macroeconomic developments of the country, emphasizing that the Albanian economy has had a positive development trend. Thus, during 2024: economic growth marked 4%; the unemployment rate was close to historical minimum levels, accompanied by rapid wage growth in the private sector; inflation resulted at 2.2%, down from 4.8% in 2023; meanwhile, credit growth reached 16.7%.
This economic growth of the country was mainly supported by the increase in income from tourism, which is expected to continue to be a promoter of the country's economic development. On the other hand, the financial system has continued its support, through stable lending and accommodative financial conditions. The growth of credit continues to have a broad base and high diversification in use, where the rapid growth of investment credit stands out.
The stability of the financial system, as well as the improvement of fiscal sustainability indicators, have been reflected in a further improvement in Albania's sovereign debt risk ranking by international rating agencies.
In his speech, Governor Sejko, among other things, stated that Albania is making steady progress towards European integration, demonstrating continued commitment to fulfilling the necessary criteria for membership. In this context, negotiations have been opened for a number of group chapters, a development that reflects the positive assessment of the European Union for the reforms undertaken by Albania and its commitment to European standards. On the other hand, the opening of negotiations for a group of chapters constitutes a concrete step on the path to membership, but also a further incentive for deepening reforms.
Governor Sejko emphasized that, in Albania, economic integration has begun through payment systems. Beyond the modernization of the payment system itself, integration with a wider European market will bring benefits to the real economy. Thanks to participation in the Single Euro Payments Market - otherwise known as SEPA - secure foundations are being laid for accelerating exchanges in the economic plan, with countries in the region and with those of the European Union. The Bank of Albania will continue to contribute to the integration process with EU countries, with dedication and professionalism.
For her part, Ms. Georgieva assessed Albania's performance in the macroeconomic framework, highlighting the progress achieved in key areas such as institutional reform and improving the business climate. At the same time, she assured the support and continuity of the International Monetary Fund's technical assistance, underlining the importance of this assistance to guarantee the success of the ongoing planned reforms and the European integration process.
The meeting also discussed at length the importance of preserving the independence of central banks, as an essential element in strengthening public and investor confidence in the financial system. The IMF Managing Director emphasized that protecting this independence serves above all as a key factor in guaranteeing macroeconomic stability and the integration of the country.
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