COVID-19 and Earthquake / Standard & Poor's praises government stimulus program

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Despite COVID-19, Standard & Poor's confirms the "B +" rating and the "stable" outlook for the Albanian economy.

The Ministry of Finance and Economy (MFE) states that the agency confirms that Albania's public finances have been consolidated in recent years.

The overall deficit narrowed to 1.9% of Gross Domestic Product (GDP) in 2019 from 5.2% which was in 2014.

"While S&P expectations are progressively increasing," MFE quotes.

In the report, the agency estimates that stimulus programs in the Government Budget are expected to limit the economic impact of the pandemic and finalize the post-earthquake reconstruction process.

While in 2021 it is predicted that the ratio of total debt to GDP is expected to decrease from 2021 onwards.

In 2022, S&P expects the government to achieve the objective of establishing a positive primary balance by 2022.

In its most recent review, the international rating agency Standard & Poor's (S&P) confirms for Albania the current rating in "B +" as well as with a "stable" perspective.

The assessment of the International Agency testifies to the sustainability of public finances and the successful financing of the fiscal gap, curbing the pressures of the balance of payments.

Minister Anila Denaj states that “the assessment confirms once again the commitment of the Ministry of Finance and Economy for a careful approach to the performance of macroeconomic indicators and a return to fiscal discipline and consolidation in the next 2 years.

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