Business: Albania maintains stable economic progress

Albania maintains stable economic progress
25/05/2007
The IMF praises Albania's economic growth and ownership of Fund programmes. Also in business this week: Republika Srpska sealed a deal with Czech CEZ, and the Shumen municipality in Bulgaria will build a high-tech park.

Deputy Managing Director of the IMF Murilo Portugal called for upgrading Albania's infrastructure, in particular the transportation networks.

The IMF Deputy Managing Director Murilo Portugal praised on Tuesday (May 22nd) the economic progress and macroeconomic stability achieved by Albania in recent years. Albania posted a solid growth performance and demonstrated strong ownership of the IMF assistance programmes, the Fund official noted. He encouraged structural reforms to improve the business climate and attract foreign investment.
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Republika Srpska Prime Minister Milorad Dodik and Martin Roman, CEO of the Czech power utility CEZ, sealed a joint investment contract on May 16th to upgrade Gacko 1 thermal power plant, build a Gacko 2 plant and open a new coal mine. CEZ's investment in the project might reach 1.4 billion euros.
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Macedonia ranked at the bottom of the Southeast European countries in expected investments and growth, according to the EBRD's latest update. According to the report, Macedonia will attract only 112m euros in FDI this year, which is much less than other countries in the region.
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Bulgaria's Shumen municipality announced the launch of a 151m-euro project to establish a high-tech park in the area Wednesday (May 23rd). The facility will be located on a total of 2,877,000 square metres. Construction is to begin in December.
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Greece and Australia sealed on Tuesday (May 22nd) a bilateral social security accord, which is expected to regulate the pension status of 600,000 to 700,000 Australian citizens of Greek origin. The accord was signed during Greek Prime Minister Costas Karamanlis' visit to Australia.
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The Montenegrin government and the EBRD on Wednesday (May 23rd) sealed a three year co-operation loan of 30m euros to be used for development projects. The money will be earmarked for upgrading the regional water supply infrastructure in coastal regions, as well as the rail infrastructure.
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Radovan Jelasic will remain the governor of the Central Bank, Serbia's Deputy Prime Minister Bozidar Djelic said on Tuesday (May 22nd). In February 2004, Jelasic was appointed to a five-year term. By law, the appointment of a central bank governor must take place after the election of a new government.
(Various sources – 18/05/07-25/05/07)