IMF Executive Board completes first review under extended fund facility arrangement for Albania
The Executive Board of the International Monetary Fund (IMF) completed the first review of Albania’s economic performance under a program supported by an arrangement under the Extended-Fund Facility (EFF).
The completion of the review enables the authorities to draw an additional amount 26.7 million euros, bringing the total resources made available to Albania under the arrangement to 53.3 million euros.
The decision was taken without a formal meeting. The Executive Board takes decisions under its lapse-of-time procedures when it is agreed by the Board that a proposal can be considered without convening formal discussions.
All end-March 2014 performance criteria were met, and good progress has been made with respect to the applicable structural benchmarks.
The economy is showing tentative signs of recovery in 2014, boosted by a pickup in exports, but output remains below potential.
The Executive Board approved a 36-month arrangement under the EFF for Albania on February, in an amount 334.4 million euros, 492.4 percent of the country’s quota in the Fund./ibna/