ATA News

S&P ranking, certification of Albania’s growth strategy

TIRANA, March 23/ATA/ Minister of Finance Ervin Mete reacted to the report of the international agency “Standard & Poor’s”, in which Albania’s rating was improved by one category, bringing our country to the “BB-” category for the first time. Mete said that it confirms the good situation that the country’s economy is going through, the sustainability of public finances and the positive expectation for the reforms undertaken.

“The assessment strengthens Albania’s external positions and brings concrete benefits to the country’s economy. Now, the country will be perceived more positively by foreign investors to invest in Albania and this is expected to render into higher foreign investments, as well as facilitated conditions for Albania’s borrowing in international markets. This improvement is also expected to be reflected in the local market, in lower financing costs for banks, businesses and individuals”, stated Mete.

S&P, the minister said, underlines that this rating improvement comes as recognition of Albania’s strong economic resistance and prudent management of public finances in the face of a series of successive challenges.

Albania, Minister Mete continued, has consistently shown its ability to withstand shocks. And Standard & Poor’s estimated that despite challenges, the economy has grown at an impressive average of 5.8% per year over the past three years, simultaneously improving public finance parameters.

“Macroeconomic indicators have improved significantly; unemployment is at historic lows, inflation is back on target ahead of expectations, the external position has improved thanks to the very good performance of the tourism sector, foreign direct investment has reached historic highs levels, while the public debt decreased to 59.2% at the end of 2023”, stated the minister.

“Advancement in the European integration process is an important impetus to accelerate the pace of reforms and the growth plan of the European Commission for the countries of the Western Balkans, which accompanies the undertaking of important reforms. We expect it will also serve as solid support in this direction “, stated Minister Mete.