The International Monetary Fund sounds the alarm about purchasing power parity in Albania, spending on earthquakes – Exit

The International Monetary Fund has raised concerns about the high level of risks posed by PPP contracts for the Albanian economy and for financial stability.

After the IMF’s technical staff visited Tirana, the Fund published a report on the impact of the budget and associated risks on the country.

The International Monetary Fund has warned that “poorly designed Public-Private Partnership (PPP) projects for infrastructure investments can impede the efficiency of public investments and become the cause of the creation of large liabilities, which could harm debt sustainability.”

They also noted that Public Investment Management (PIM) needs to be strengthened, and that the Albanian government has yet to implement a significant number of recommendations from the 2016 Public Investment Management Assessment (PIMA).

“No significant change has been made to the legal framework for public-private partnerships. These contracts amount to 40% of GDP for 2022, the IMF statement said, but the values ​​of existing projects and those under implementation are still being formulated outside the budget process.

The framework for coordinating and managing public-private partnerships still suffers from major weaknesses, and the extent of the financial risks associated with these projects remains unclear.

The International Monetary Fund advised “The Government of Albania should redouble its efforts to strengthen the capacity of the Ministry of Finance and Economy (MOFE) to play an effective role as a constraint in the selection of projects and to actively participate in the evaluation and monitoring of contracts.”

The International Monetary Fund report indicated that the Ministry of Finance in Albania informed the fund experts that it has increased its capacity in cost-benefit analysis of new projects, public-private partnership, but admitted that it does not monitor the implementation of contracts due to the lack of human resources.

In the latest statement of the Governing Council, the IMF called on the Albanian authorities to publish public procurement contracts related to pandemic and earthquake recovery expenses, and the names of the companies that won the contracts and their beneficial owners.

Since the earthquake and then the pandemic, the IMF has asked the Albanian government in all missions to make the funds for these two events transparent, but this has not happened yet.

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