Albania to Rely on Debt to Elude Crises

Finance Minister Ridvan Bode

Tirana – Albania will ask for debts in the international markets in order to afford the costs emanated from the global financial crisis during 2009, Minister of Finance Ridvan Bode said on Wednesday in a press conference.

“The next year will be full of challenges, but we are prepared to save the domestic market by increasing demand of the government for loans, so we will ask for foreign debts to cover our needs”, Mr. Bode said.

Albania asked for 200-250 million euro loan in international markets early this month “to finance of various capital expenditure needs for the year 2009″.

Almost all of the money will go to finance the “Patriotic highway” a 1 billion euro worth project that intends to link Albanian seacoast with Kosovo.

State budged revenues experienced exceptional growth during this year, mainly due to commodities price crisis. Those revenues are expected to decrease due to shrinking prices of core goods like oil.

Short URL: http://www.albanianeconomy.com/news/?p=1411

Posted by editor on Dec 24 2008. Filed under Banking & Finance, Business, Economy. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry