Albania increases quotas in the International Monetary Fund - From 139.3 million, it goes to 209 million SDR. Payment on November 15
Albania will increase its quota in the International Monetary Fund. The current quota of 139.3 million SDR, according to the proposal will increase to 209 million SDR.
SDR (Special Drawing Rights) is an international asset created by the International Monetary Fund (IMF) to support financial stability and global liquidity. The SDR is not a real currency, but a unit of account used by the IMF and international institutions to assist member countries in international transactions. The SDR consists of a basket of five major currencies – the US dollar, the euro, the Japanese yen, the British pound and the Chinese yuan.
The initiative to increase Albania's quotas in the IMF has been proposed in the Assembly by the Council of Ministers, but there will be no financial cost for the state budget as the Bank of Albania will make the relevant payments with its own funds.
The draft law is proposed with an accelerated procedure, with the aim of making the payment by the Bank of Albania, within the set time limit, on November 15, 2024.
Increasing quotas in the International Monetary Fund for a country enables it to improve its access to financing, increasing the country's ability to obtain larger loans from the IMF in case of need.
The International Monetary Fund has granted two loans for budget support, in 2014 and 2020, with a total amount of SDR 434.72 million. Both of these loans have been fully disbursed (respectively in 2014 and 2020) and are in the repayment phase, in accordance with the terms of the agreements. The balance of loans, (stock) on July 31, 2024 was 134.28 million SDR.
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