Financial Development and Sustainability Program - Governor Sejko meets with the World Bank team!
Governor Gent Sejko hosted a meeting today with a World Bank (WB) team, within the Financial Development and Sustainability Program, led by Rekha Reddy, in her new role as project manager.
The discussion focused mainly on the continuation of the World Bank's cooperation and technical assistance programs with the Bank of Albania.
At the beginning of the meeting, Governor Sejko briefly presented the economic and financial developments of the country, and thanked the World Bank for its contribution through various assistance programs, which have initially included the field of supervision, to continue with emergency intervention, payment systems, financial inclusion of the population and assessment of the impact of climate change. The World Bank's assistance in these areas has included not only the adaptation of the regulatory framework, but also its practical implementation.
The World Bank representatives expressed their appreciation for the quality of cooperation provided by the Bank of Albania, and expressed their willingness to expand it to other aspects of the areas in question. In this context, the impact that the transition to the IFRS9 standard will bring on the way banks will assess credit risk was mentioned, and the need for this to be accompanied by relevant regulatory changes regarding credit risk management, and the need for this to be accompanied by changes to the credit risk management regulation was highlighted.
Governor Sejko assessed the cooperation in the above directions as of interest, adding that the regulatory and supervisory framework of the Bank of Albania, also thanks to the cooperation with the World Bank, has been continuously improving. “Currently, we are at the stage where the quality of this framework will be assessed by the relevant structures of the European Union, as part of the equivalence process, and the expectations of the Bank of Albania are positive,” Governor Sejko stated.
He added that the analysis of the advantages and risks associated with the digitalization processes of the financial system, and more generally, the legal and regulatory changes that will be made within the framework of the European integration process, in the field of financial services, would also be of interest for cooperation between the parties.
The World Bank representatives expressed their openness to cooperation in all these areas. They also offered assistance in data generation and processing, providing opportunities for more focused analysis in specific areas, such as access to finance for small and medium-sized enterprises.
At the end of the meeting, the parties once again expressed their mutual appreciation for the cooperation between them and their willingness to expand it. The Governor took the opportunity to wish Reddy success in his new position.
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