The current agreement between the Albanian government and the International Monetary Fund (IMF) will end in February but Albania's financial obligations to IMF will continue till 2031, local Scan Tv reported Thursday.
Albania and IMF signed a loan agreement worth 330 million euros (352 million U.S. dollars) three years ago which was set to be disbursed in three years based on the parameters and performance of financial and economic indicators of the country, local media reported.
According to a report obtained by Scan Tv, the financial effects of the agreement will begin this year with payments. Scan Tv referred to the official data of the IMF, under which the payment of the loan will start in 2017 with a value of 852 million leks (6.6 million U.S. dollars), while this amount will be increasing from year to year.
Therefore, based on these data, it turns out that Albania will pay to IMF some 45 billion leks. Meanwhile, an IMF mission has arrived in Albania, according to media reports. They has already started talks with Albanian authorities here.
The Finance Ministry sources said Thursday that IMF mission is expected to sign the concluding agreement and propose the IMF Executive Board to disburse the last loan tranche under Albania's Extended Fund of around 330 million euros.
The representatives of the IMF have declared that after completion of the current agreement in February, the relations will be reviewed, but terms and conditions of the new agreement would be determined by the government that will emerge after the June elections.
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