The Albanian government and the International Monetary Fund (IMF) have finalized talks on a flexible loan agreement, which envisages between USD 900mn and USD 1bn in financial support for a three-year period, local daily Shqiptarja reported citing finance minister Shkelqim Cani as saying in a TV interview for local TV News 24. Funds would be allocated at three annual tranches. The Albanian authorities are expected to make an official announcement on the loan agreement later today, Dec 17 . This financing will enable the authorities to settle the debts with the private sector in a single tranche, which is expected to have a favourable economic effect. These debts are estimated at ALL 24.6bn ( EUR 175mn ) as of end-August 2013 , according to an audit by consultancy Deloitte The IMF has last provided financial support to Albania in the 2005-2008 period under a three-year Poverty Reduction and Growth Facility (PRGF) arrangement and the Extended Fund Facility (EFF) arrangement.
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