Albania
Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Prudent Fiscal Policy-Creating Fiscal Buffers in Good Times -- B. Improving Infrastructure and Containing Fiscal Risks -- C. Strengthening Inflation Targeting and the Transmission of Monetary Policy -- D. Developing a Resilient Financial Sector in Support of Economic Growth -- E. Structural Agenda-Enhancing the Business Climate and the Rule of Law -- STAFF APPRAISAL -- BOX -- 1. Tax Measures in the 2019 Budget -- FIGURES -- 1. GDP Growth and Inflation -- 2. Trade and the Current Account -- 3. Real Sector Developments -- 4. Monetary Sector Developments -- 5. External Sector Developments -- 6. Fiscal Sector Developments -- 7. Banking Sector Developments -- 8. Electricity Sector-Selected Indicators -- TABLES -- 1. Basic Indicators and Macroeconomic Framework, 2014-23 -- 2a. General Government Operations, 2014-23 (Percent of GDP) -- 2b. General Government Operations, 2014-23 (Lek billions) -- 3a. Balance of Payments, 2014-23 (Payment of GDP) -- 3b. Balance of Payments, 2014-23 (Euro millions, unless stated otherwise) -- 4. External Financing Requirement and Sources, 2014-23 -- 5. Monetary Survey, 2014-23 -- 6. Summary of Accounts of the Central Bank, 2014-23 -- ANNEXES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Debt Sustainability Analysis -- IV. Growth at Risk and Spillovers -- V. Arrears-Why They Persist and How to Eliminate Them -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES -- RELATIONS WITH OTHER INTERNATIONAL FINANCIAL ORGANIZATIONS.