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Parliamentary law committee ratifies loan agreement with IMF
26 Maj 2020, 13:24ENGLISH
TEMA
The parliamentary law committee has ratified today the loan agreement with the International Monetary Fund which was made possible through the Rapid Financial Instrument (RFI).
The Executive Board of the International Monetary Fund (IMF) approved at the beggining of the month SDR 139.3 million (around US$190.5 million or Euro 174 million, 100 percent of quota) emergency support for Albania under the Rapid Financing Instrument (RFI) to meet urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic, and after the strong earthquake that hit earlier.
The RFI provides rapid financial assistance to member countries facing an urgent balance of payments need, without the need for a full-fledged economic program or reviews. It can provide support to meet a broad range of urgent needs, including those arising from commodity price shocks, natural disasters, conflict and post-conflict situations. Financial assistance under the RFI is provided in the form of outright purchases.
Due to two consecutive shocks (an earthquake and COVID-19) activity in Albania may be significantly contracted in 2020, followed by a rebound in 2021. Given the rapidly evolving situation, the outlook is subject to large uncertainty and serious downside risks.TemA
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