Minister of Finances Petrit Malaj and Swiss Ambassador Ruth Huber sign the agreement for further technical support in the local finance system.

The new agreement formalizes the continuation of Swiss support for the improvement of public finances at the local level. The Swiss government dedicates almost 4.5 million Euros to technical assistance for the local public finance system in Albania.

"The agreement aims to improve strategic planning and general management, with the aim of increasing local revenues, as well as establishing efficient systems for auditing and financial reporting. All these objectives are fully in line with the government's priorities for the modernization of public finances at the local level, as well as for the increase and consolidation of financial autonomy", said Minister of Finance Petrit Malaj.

While Swiss Ambassador Ruth Huber emphasized: "This agreement formalizes the continuation of our joint work to increase the quality of public finances. The goal is to improve the management of public finances, use public resources more efficiently, and ultimately, provide better services to local communities."

The local finance project supports 61 municipalities in increasing their financial management capacities, which are known for the most efficient instruments and methods in this regard. Also, the project works with the Ministry of Finance, the Department for Local Finance and other directorates, to ensure a better coordination and monitoring of local finances.

This support responds to the priorities of the Albanian government, especially in relation to the creation of an identical budget system for all public institutions, the reduction of arrears of payments, and the standardization of internal controls. By strengthening local revenue management, municipalities can increase their revenue sources.

Funding for the project comes from the Swiss State Secretariat for Economic Affairs SECO and is implemented by the University of Lucerne and GFA Consulting Group.