The Governor of the Bank of Albania, Gent Sejko, met with representatives of the joint mission of the International Monetary Fund (IMF) and the World Bank (WB), marking the conclusion of the Financial Sector Assessment Program (FSAP) for Albania.

The assessment was conducted at the request of the Albanian authorities, with the Bank of Albania serving as the coordinating institution for the FSAP process in Albania.

The assessment provides a comprehensive and in-depth assessment of a country’s financial sector, with a focus on assessing the resilience of the financial sector, the quality of the regulatory and supervisory framework, and the capacity to manage and resolve financial crises. The FSAP also considers the needs and opportunities for further development of the financial sector, providing recommendations tailored to the country’s specific circumstances and institutional context.

As part of the assessment, the Albanian authorities and the FSAP mission exchanged data, information, and analytical assessments on developments in the financial system. The assessment was supported by a series of technical meetings between the mission and the relevant authorities, as well as with representatives of financial market participants.

The assessment covered a broad range of areas, including the institutional framework for financial crisis management; systemic risk identification and assessment frameworks; the alignment of microprudential and macroprudential supervision with international standards and best practices; the cybersecurity framework for the financial system; financial innovation and financing in the digital era; access to finance for small and medium-sized enterprises; and developments in the capital markets.

During the meeting, the mission highlighted the progress made by Albania’s financial system and its regulatory and supervisory framework since the previous assessment conducted in 2013–2014. Since then, the financial system has become more resilient and diversified, supported by the modernization of payment infrastructure, the expansion of financial intermediation, and the adoption of new technologies in the provision of financial products and services. These developments have been underpinned by a legal and regulatory framework aligned with the European Union acquis, contributing to more effective and comprehensive oversight.

At the same time, the financial system operates in a continuously evolving economic and financial environment, which creates both new opportunities and emerging challenges. In this context, the FSAP recommendations are aimed at further strengthening the resilience of Albania’s financial system to future challenges, enhancing its capacity to support the financing of the real economy, and strengthening risk-management capabilities across the financial sector. The meeting also considered the potential for the recommendations arising from the FSAP to inform future legal and operational reforms being undertaken by the Albanian authorities as part of the ongoing process of alignment with European Union standards and practices.

On behalf of the public authorities represented at the meeting, the Governor expressed his appreciation to the FSAP mission and its experts for their commitment and the work carried out throughout the assessment process. He emphasized the importance of an independent and professional assessment of Albania’s financial system at its current stage of development.

At the conclusion of the meeting, the parties noted the constructive and productive nature of the assessment process and reaffirmed their commitment to continued cooperation, including through technical assistance in selected areas covered by the FSAP.