The World Bank’s Board of Executive Directors approved the Second Sustainability and Green Development Policy Program (SGP), with a $120 million financing to strengthen fiscal sustainability and promote sustainable development in Albania. This is the second in a two-phase financing series that helps the country improve fiscal and environmental sustainability.
The new program will support Albania in three main areas of reform, which aim to:
Strengthening fiscal space, including improving tax administration and reporting by state-owned enterprises on potential social and environmental risks.
Expanding the energy market, promoting renewable sources and increasing energy efficiency.
Protecting the environment and reducing carbon emissions.
This program is in line with the Country Partnership Framework for the period 2023-2027, which reinforces the World Bank's commitment to Albania's sustainable development and improving the quality of life for its citizens, writes A2.
“The package of reforms we are supporting through this program aims to strengthen Albania’s development prospects,” said Richard Record, the World Bank’s acting Country Manager for Albania. “This financing will help the country address key challenges in the energy sector, as well as enhance the government’s ability to manage fiscal risks and better support vulnerable segments of the population.”
The program reflects Albania's aspirations for membership in the European Union, the Economic Reform Program 2024-2026, and the country's international climate commitments. Key measures include strengthening fiscal sustainability, improving the social assistance system, and promoting reforms in the energy sector.
Albania's macroeconomic policy framework remains stable, characterized by a manageable fiscal deficit, declining public debt, and a stable monetary policy supported by prudent measures and supervision. (A2 Televizion)
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