EU & WBs / Albania Energy Investment Updates

EU & WBs / Albania Energy Investment Updates

Presentation of Albanian Centre for Energy Regulation and Conservation - ACERC

ACERC is a think tank centre with focus on the Albania energy market and its integration in the regional IEM. The Acerc mission base on the in-depth knowledge of EU and regional energy law and policy and strives to provide a qualified contribution to the promotion of the liberalization and effective integration as well as efficient use of energy resources.

Acerc
main activities briefly consists in build-up collaborations and supports to market players in study researches such as the certificate reports, articles and periodicals. The transfer of high expertise through building-up institutional capacities by national and regional training courses, seminars and conferences. The institutional representation and integration within framework of the forum of Albanian School of Regulation.

For more visit us at the Official Website of Acerc | Albanian Energy Market - AEM Group in LinkedIn

IMF Releases 53 million Euro Loan to Albania, 3 FEB 15

AEI Updates February 2015Posted by Adv. Lorenc Gordani, PhD Mon, February 23, 2015 15:20:05
3 FEB 15IMF Releases 53 million Euro Loan to Albania

The Ministry of Finance says that the IMF has approved the release of the loan after several months of difficult negotiations and increases in tax and electricity prices.

Gjergj Erebara

BIRN

Tirana

The Ministry of Finance announced on Sunday that the International Monetary Fund board of directors approved the second and third review of the Extended Fund Facility (EFF), allowing the disbursement of two tranches of an IMF loan worth 53 million euros.

“The Excecutive Board of IMF approved the review on 20 February 2015,” the Ministry of Finance said in a press release.

Albania signed a three-year agreement with the IMF on December 2013, promising to consolidate the country’s fiscal position and curb its public debt in exchange for a 330 million euro loan from IMF and further support from the World Bank. The loan is scheduled to be disbursed in nine tranches.

Albania got its first tranche on February 2014 and the second tranche in June. After the second tranche, relations between Albania and IMF soured. On September 2014, the second review of the agreement was postponed while the government had to change its budget law by substituting the missing tranche of IMF loan with debts issued in the domestic market.

In December, the IMF announced that agreement had been reached after the government of Albania approved increased taxation on fuel, tobacco and personal income, raises worth about 112 million euros per year.

Albania also changed its pension scheme by increasing the retirement age, while the Energy Regulatory Authority increased electricity prices.



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