IMF: Earthquake and Coronavirus will have a slowing impact on the Albanian Economy, the most affected will be the tourism sector.

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An International Monetary Fund (IMF) team, led by Jan Kees Martijn, concluded additional discussions with Albania in the Article IV 2019 consultation. The first round of these discussions was held in November 2019, but after the earthquake at the end of November, changes in the economic perspective and economic policies required new discussions. At the end of this mission, which took place during March 9-13, the IMF made the statement on the official website.

 "The earthquake that hit Albania on November 26 is expected to slow down the economy in 2020, where even the effect of reconstruction or other sectors such as tourism can not amortize this effect. If the global coronavirus outbreak is added to this, the economy is expected to slow down even more and hit tourism. "How strong the slowdown will be is still unclear."

The IMF recommends that the government orient policies in the health sector and create resources to support the strata most affected by the effects of the coronavirus.

"Policies should be oriented to protect citizens during the outbreak of the COVID-19 virus by ensuring that the health sector has sufficient resources and supporting those affected. Monetary policy must be appropriate to support economic growth. "We are ready to continue the dialogue with the authorities to help reduce the impact of the virus on the economy."

So far the IMF has not concisely estimated how much the coronavirus pandemic will hit the global scale, but in recent days it has acknowledged its major effects by allocating a $ 50 billion bailout fund to reduce them, while itself decided to hold spring meetings virtually.

The IMF also states that the government should be very careful with the fiscal amnesty. "A potential asset detection program, as recently announced by the authorities, aimed at reviving the economy will have to be implemented very carefully. It is necessary to establish effective systems to detect evasion and prevent opportunities for money laundering and corruption. ”

 

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