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Governor Sejko attends the Constituency Meeting * of the International Monetary Fund and the World Bank Group

Governor Sejko attends the Constituency Meeting * of the International Monetary Fund and the World Bank Group

On February 15, 2019, the Governor of the Bank of Albania, Gent Sejko attended the Constituency Meeting of the International Monetary Fund (IMF) and the World Bank Group (WB), held in Valletta, Malta.

On February 15, 2019, the Governor of the Bank of Albania, Gent Sejko attended the Constituency Meeting of the International Monetary Fund (IMF) and the World Bank Group (WB), held in Valletta, Malta.

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This meeting brought together the governors and finance ministers of the member states of this constituency to discuss the latest developments in the world economy and relevant economies.

Senior IMF and WB representatives presented the perspectives of these two institutions regarding quota revision and capital growth as well as the priorities to be pursued to ensure a sustainable and long-term economic growth of the countries. Another issue addressed at the meeting was the election of the new President of the World Bank.

At this meeting, Albania was represented by senior officials of the Bank of Albania and the Ministry of Finance and Economy, headed by Mr. Gent Sejko, Governor of the Bank of Albania, and Ms. Anila Denaj, Minister of Finance and Economy.

 During the meeting, Governor Sejko presented the latest economic developments in the country, highlighting the important role that the Bank of Albania plays in the economic development of the country. The stimulating monetary policy pursued by the central bank has made a positive contribution in this regard. Focusing on the banking sector, Governor Sejko underlined that he is characterized by good levels of liquidity, equity and profitability. The inter-institutional action plan for the reduction of non-performing loans, followed by Bank of Albania in cooperation with other institutions, has given its positive effects and the latest data show that the level of non-performing loans by the end of 2018 , decreased to 11.1%.

Governor Sejko presented the views of the Bank of Albania on the main topics of discussion. In this context, he emphasized that the Bank of Albania welcomes the periodic revision of the quota distribution and capital increase aimed at meeting the institutional objectives of the Fund. The governor also stopped in IMF and WB priorities, as well as in the important role of the two institutions in promoting sustainable and long-term economic growth of developing countries. Also, Governor Sejko said that the process of electing the new World Bank President is being pursued with great interest by Albanian institutions.

During his stay in Malta, Governor Sejko and First Deputy Governor Minxhozi held a meeting with the Governor of the Central Bank of Malta, Mario Vella. The topics discussed were the challenges faced by the economies of the Consensus countries as well as other issues of common interest in the field of central banking.

*The Republic of Albania is a member of the International Monetary Fund (IMF) since October 1991. It is in the same constituency with Italy, Greece, Portugal, Malta and San Marino. Executive Director of Constituency is Mr. Domenico G. Fanizza.

The Republic of Albania is a member of the World Bank Group since 1991. It is in the same constituency with Italy, Greece, Portugal, Malta, San Marino and East Timor. Executive Director of Constituency is Mr. Patrizio Pagano.

News Source: BoA

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