"US tariffs, negligible for Albania" - Governor Sejko, at the IMF and WB Constituency Meeting
The Governor of the Bank of Albania, Gent Sejko, participated in the Constituency Meeting of the International Monetary Fund (IMF) and the World Bank Group (WB), held in Varese, Italy.
The meeting brought together the governors and finance ministers of the member countries of this constituency to discuss the latest developments in the world economy and their respective economies.
Currently, the world is facing new geopolitical, geoeconomic challenges and trade restrictions, so the meeting discussed industrial policies that can boost the competitiveness and economic growth of countries.
Senior representatives of the IMF and the WB presented the perspectives of the two institutions to guarantee financial stability and sustainable and long-term economic growth.
During the meeting, Governor Sejko presented the latest economic developments in the country, emphasizing the important role that the Bank of Albania plays in macroeconomic stability. He presented the Bank's views on the main topics of discussion, sharing similar views with international financial institutions, and stressed the importance of maintaining the country's economic and financial stability, as a prerequisite for sustainable and long-term growth.
The Governor stated that for Albania, as a small and open economy closely linked to the European Union, the initial round of US tariffs has a negligible direct impact on our economy, as our trade and financial ties with the US are quite limited (around 0.2% of GDP). However, he noted that a global tariff war would mean a decline in export demand, imported inflation that would increase domestic prices, as well as potential risks in the financial sector, as companies exposed to trade would face more difficult conditions.
On the other hand, resilience remains essential to cope with the frequent and overlapping crises that threaten economic development. Countries around the world are increasingly exposed to natural hazards and disasters. This presents them with choices about financing and insuring disaster risks, which are essential for adapting to climate change and strengthening resilience, and which include investments in both physical risk reduction and financial preparedness.
In conclusion, the Governor stated that: “- As a central bank, our priority is to maintain price stability, guarantee financial stability and strengthen economic sustainability, while being attentive to global and regional developments, and continuously improving our economic policy framework.”
During the meeting, discussing developments in the field of payment systems, innovation in technology and infrastructure, as well as the challenges associated with them, the Deputy Governor of the Bank of Italy, Mr. Luigi Federico Signorini, thanked Governor Sejko in particular for the successful cooperation with the Bank of Albania regarding the contribution and leadership shown for the modernization of the payment system in the country and at the regional level.
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