The Executive Board of the International Monetary Fund (IMF) today 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 equivalent to SDR 23.55 million (about €26.7 million), bringing the total resources made available to Albania under the arrangement to SDR 47.1 million (about €53.3 million). The decision1 was taken without a formal meeting.
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 28, 2014 (see Press Release No. 14/81) in an amount equivalent to SDR 295.42 million (about €334.4 million, 492.4 percent of the country’s quota in the Fund).
1 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.