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Albania plans to settle debt with private sector by 2016.

January 31, 2014

The Albanian government plans to clear arrears and unpaid bills towards the private sector within a three-year period, ATA news agency reported, citing a strategy prepared by the finance ministry. Under the plan the state would pay ALL 72.5bn ( EUR 516mn ) in total. Funds will be distributed for payments for goods and services, tax refunds as well as liabilities arising from judgments against the state, charges for public expropriation, arrears of persons with disabilities. Under the schedule about half of the payments, or ALL 35bn, will be made in 2014 and the remaining parts of ALL 20bn will be settled in 2015 and ALL 17.5bn in 2016. Albania reached an agreement with the International Monetary Fund (IMF) in December 2013 on a 36-month Extended Fund Facility (EFF) for a total amount of EUR 300mn . The financial support has been requested by the Albanian government in order to settle debt towards the private sector.

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Source: IntelliNews - Weekly Reports

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