Public debt is around 70%, the government is aiming to take it down to 60%

Public debt is around 70%, the government is aiming to take it down to 60%
Public debt in Albania is around 70% of Gross Domestic Product, meanwhile, the government wants this debt to be 60%.With an annual decrease of the debt, the government is aiming to take it down to 45% of GDP. These are the latest comparative figures for the current level of this important macroeconomic indicator.

“Albania’s public debt at the end of 2017 was 1.088 billion lek or 69.92% of Gross Domestic Product”, a special report issued by Open Data states, adding that that public debt has almost doubled in the last decade. According to this organization, in 2007, public debt was 0.517 billion lek.  On its part, the ministry of Economy and Finance says that 2016 has registered the first decrease of this important indicator for the economy, since 2010. The minister of Economy and Finance, Arben Ahmetaj says that “we have now approved a special law, according to which, governments can no longer increase public debt, while they have a duty to reduce it each year.

This should continue until debt goes down to at least 45% of Gross Domestic Product, a level which is considered to be an optimal level for an economy such as ours”, Ahmetaj has declared on this. Meanwhile, the minister has pledged that this year, public debt will go down by at least 2.5% of GDP. “In the medium term, we are aiming to reduce debt to 60% of GDP by 2021”, Ahmetaj also said. In other words, in a few years, the government is aiming to bring public debt to an acceptable level, while the current level of public debt is around 69.92% of Gross Domestic Product.

 

 

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