TIRANA, Feb 24 /ATA/ At the end of 2024, public debt decreased to 54.73% of the Gross Domestic Product, down from the projected 55.8%.

In 2015, when the newly formed government led by the Socialist Party took office the public debt was 72.67% of the GDP.

The Ministry of Finance appreciated that the reduction in the public debt level has been made possible through prudent fiscal management.

According to the Ministry of Finance, this careful fiscal management, combined with macroeconomic stability and structural reforms, has also strengthened credibility in international markets.

Thus, the prestigious credit rating agencies, Standard & Poor’s and Moody’s, have upgraded their ratings for Albania, confirming the stability of the Albanian market.

In April 2024, S&P upgraded Albania’s rating from “B+” to “BB-“, and recently, in October 2024, Moody’s also raised its rating from “B1, positive” to “Ba3, stable.”