News

The official mission from the IMF staff has recently concluded its visit to Albania and delivered the following concluding statement:

• The Albanian economy has weathered multiple shocks since 2019 relatively well. Although Albania’s direct exposures to Russia’s war in Ukraine are limited, with twin deficits and high government debt, Albania now faces challenges stemming from soaring international food and energy prices, tighter global financial conditions which are likely to persist, and the economic slowdown in Europe. Prudent policy and vigilance are required to stem rising risks and entrench the positive momentum in the economy. 
• Fiscal consolidation, underpinned by a sound Medium-Term Revenue Strategy, is vital for rebuilding room for policy maneuver and reducing demand pressure. Fiscal support should be temporary and targeted to the vulnerable. Strengthening the efficiency and credibility of public finances remains crucial for preserving market confidence and mitigating higher borrowing costs.
• Further monetary tightening is needed to tame inflation. Higher interest rates and the changing landscape of the financial system call for enhanced vigilance to safeguard financial stability.
• Even as Albania grapples with pressing short-term challenges, the authorities need to step up their efforts on structural reforms to lift Albania’s potential for sustainable and inclusive growth.

For more information please visit: https://www.imf.org/en/News/Articles/2022/10/10/ms101022-Albania

In the frame of the communication that FIAA keeps with Diplomatic Bodies in Albania, the President Mr. Alessandro D’Oria and Executive Director Ms. Marinela Jazoj were hosted in a business lunch by H.E Mrs. Elisabeth Barsacq, Ambassador of France in Albania.

FIAA’s Executive Director, Ms. Marinela Jazoj met with the mission from DG ECFIN chaired by Mrs Sarah Jurreit and DG NEAR chaired by Mr Andrew Williams. The meeting was focused on the business climate and the efficiency of consultation mechanisms of state institutions with private sector.

FIAA, representing the largest foreign companies in Albania was very pleased to be represented by Mr. Ante Frens (FIAA Board Member) who shared its views with Mr. Mark Bowman, Deputy President of EBRD, on the topics of business climate and economic development in Albania.

FIAA is pleased to be among the Women’s Empowerment Principles signatories.

The WEPs global community of companies is extended to all Industry Associations and Chambers of Commerce and is committed to making a difference for gender equality and women’s empowerment in the workplace, marketplace and community.

FIAA is committed to strengthen gender equality as a reality in the organization and is represented by its CEO Ms. Marinela Jazoj, stating that ”Believing in women power leads to building opportunities towards a more sustainable future”!

In response of the FIAA White Book Recommendations, an intensive 6 months’ work has been made by the working groups, from both, the Ministry of Finance and the FIAA Experts.  During a discussion meeting with the Minister of Finance Mrs. Delina Ibrahimaj, at the presence of the Prime Minister Mr. Edi Rama, it was highlighted the role of FIAA with the proposed White Book recommendations, in total 138 recommendations out of which the Minister confirmed that 67 are in consultation process.

In July 12^th, the Ministry of Justice started consultation on the draft law “On personal data protection”. In this meeting, FIAA was represented by Vodafone Albania. As a follow up, FIAA has submitted to the Ministry of Justice a set of comments collected from various industries under FIAA affected by this draft law.

BUSINESS ENVIRONMENT SURVEY FINDINGS

ALBANIA 2021-2022

Judicial System, Transparency, Corruption, Bureaucracy & Unfair Competition remain the main obstacles of the Doing Business in Albania

July 13th: Today, FIAA presented the findings of the Business Environment Survey (BES 2021-2022), which was conducted during spring 2022 within FIAA members and investors network in the country.

Main respondents of this Survey were important foreign businesses in the country in the sectors of financial services, energy and oil, telecommunications, consulting, trade etc. The Survey findings were presented at the presence of the Minister of Finance and Economy, Mrs. Delina Ibrahimaj, along with other distinguished guests and diplomatic representatives in Albania.

Following up the engagement of the Ministry of Finance and Economy to intervene for the improvement of the business climate in the country, during the months of April, May and June 2022 have been organized several technical working meetings with business community experts and professionals treating more than 80 concerns covering a wide range of laws on:  Tax, Hydrocarbons and Fiscal Regime, Fiscalization, Concessions, Renewable Energy, Pension Funds Law, Banking Regulatory Framework, etc.

FIAA’s commitment and efforts to improving the doing business environment in Albania, is the main pillar of its work. During the National Conference on Anticorruption, hold in Tirana in June 13^th– 15^th, FIAA’s President Mr. Alessandro D’Oria, during his word in the session: Business associations’ role in promoting good governance and fighting corruption spoke on behalf of FIAA by sharing experience and insights in fighting corruption. Mr. D’Oria highlighted the importance of the fight against corruption along with further needed reforms and digitalization, as fundamental to improve business environment in the country.