The government is expected to approve during the next week the details regarding the instrument of the Sovereign Guarantee for the sector of the clothing processing industry. This was stated by the Minister of Finance Ervin Mete at the meeting of the National Economic Council.

Mete emphasized that the aid instrument in the clothing sector is expected to be in more positive and facilitating terms than the sovereign guarantees that the government has undertaken during the pandemic period.

“The guarantee covers about 70% of loans from the banking system, for a margin of 1.5 or 2%, for a "grace period" of about 9 months, and we believe that, either for the investment part or for the subject part the first time the sector has needed it, it will be helpful," said the Minister.

On the other hand, he pointed out that the processing industry sector has had accelerated treatment both in the case of value-added tax (VAT) refunds and in terms of actions with their accounts. Mete emphasized that, in general, at the end of last year, the level of arrears of VAT refunds for businesses was zero.

According to the Minister, the good economic moment that the country is going through must translate into increased support for the economic sectors and for certain layers, for economic growth as comprehensive as possible. In this context, Mete said that the further increase in wages that is expected to happen soon corresponds to this goal, as well as the fiscal facilities that are being discussed for various categories of employees.

At the meeting, the new bill for the National Economic Chamber was discussed, where all businesses will be obliged to register.

Also present, Prime Minister Edi Rama focused on the discussion about the new law for the National Economic Chamber. “A long overdue piece of legislation. We must impose the obligation to register in the National Chamber of Commerce, as all democratic countries do," said Rama.

The PM also noted that "we gather in a very encouraging context for our economy in the conditions when Albania has received a new rating from Standard & Poor's with BB-".

"It is the first time that Albania has risen to this level in the classification of countries and on the other hand when we have recent data from the Bank of Albania for a significant increase in foreign investments which for the first time have significantly exceeded the figure stabilized in recent years from Euro 1 billion to Euro 1.5 billion," said Rama.