IMF to help Albania make reforms

05/03/2014

A loan from the IMF will help Albania undertake economic reforms. Also in business news: Turkey wants to increase its 20 percent stake in the Trans-Anatolia Gas Pipeline project to 30 percent by April.
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The pension system in Albania will be reformed with the help of an IMF loan. [AFP]

The IMF will lend Albania 330 million euros for three years to support economic reforms in the country. Under the deal, Tirana will get an immediate disbursement of 26.4 million euros to assist its planned reforms in the pension system, energy, local government finance, public administration and business environment.

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Construction on the Belgrade on Water project, which was presented in Dubai, will begin later this year. The project, which will be situated on the right bank of the Sava River in Serbia's capital, will consist of up to 2 million square metres of business, residential, cultural and commercial space.

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Belgrade hosted the 36th edition of the International Fair of Tourism, the biggest such event in Southeast Europe. More than 1,000 participants from 54 countries took part in the event.

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Bulgarian businesses are welcome to invest in Montenegro, Prime Minister Milo Djukanovic said at a meeting with Bulgarian President Rosen Plevneliev in Podgorica. The two leaders agreed that they will seek opportunities to co-operate in transnational infrastructure projects and outlined potential for developing ties in tourism, energy and trade.

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Greek company Lamda Development, backed by Fosun of China and an Abu Dhabi-based real estate firm, are the only bidders in the privatisation deal to develop the former Athens Airport of Hellenikon. Lamda said its group plans to invest more than 7 billion euros in the project.

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Turkey wants to wrap up talks to increase its 20 percent stake in the Trans-Anatolia Gas Pipeline project to 30 percent by the end of April, Energy Minister Taner Yildiz said. He said the project will create 5,000 jobs in 21 of Turkey's provinces and give a boost to local suppliers and manufacturers.

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An IMF mission has started talks with Serbian officials in Belgrade on a new three-year arrangement, which will be implemented by the new government of the country. The last 1 billion euro arrangement between Serbia and the fund was signed in September 2011, and was frozen in February 2012 after the budget deviated from the agreed fiscal programme.

(Various sources -- 26/02/14-05/03/14)

This content was commissioned for SETimes.com.
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