Governor of the Bank of Albania Gent Sejko received on Tuesday the Regional Director of the World Bank Group member International Finance Corporation (IFC) for Central and Southeast Europe, Ary Naim.

During his speech, Governor Sejko thanked Naim for the cooperation, contribution and ongoing technical assistance that the IFC has provided to the Bank of Albania.

Following the meeting, the Governor presented the economic landscape in Albania, the response of the Bank of Albania to the situation created by the Covid-19 pandemic and the challenges of the future.

Further, the representatives of the IFC expressed interest in getting acquainted with the macroeconomic developments during 2021 and the expectations for 2022.

The governor said that the pandemic tested Albania’s economic stability. However, thanks to the measures taken and instruments used in a timely manner and well coordinated by the Bank of Albania and the Government to support financial activity, it was possible to control the impact of the pandemic on the economy and maintain monetary and financial stability.

Regarding the current situation, the Governor said that the economy is recovering gradually and the projections suggest that the parameters will continue to stabilize during 2022 and the monetary stimulus will create premises for a stable return of inflation to the target over the next year.

The governor added that the reduction of restrictive measures, the increase of confidence, the improvement of the foreign environment, as well as the stimulating economic policies have played an important role in the recovery of economic activity.

Regional Director of the IFC, Ary Naim, praised the Bank of Albania for the policies undertaken, which have contributed to maintaining the macroeconomic stability of the country and the continuous consolidation of the financial system in Albania.

Further, Naim underlined the importance of incorporating climate change risk assessment into the overall risk assessment policies of both public institutions and the financial system.

In conclusion, Governor Sejko and the Regional Director of the IFC shared the same opinion on the common will to develop cooperation between them mainly in the field of financial system.