TIRANA – The forecast for the economy of Albania seems dim in 2020 because of the shock of the coronavirus pandemic which has added to the impact of the devastating earthquake of November 26 last year, has said the International Monetary Fund (IMF).
“Due to two consecutive shocks … activity in Albania may be significantly contracted in 2020 … the outlook is subject to large uncertainty and serious downside risks,” said a statement released by IMF on April 9 as quoted by the Associated Press.
The weak economy of this Balkan country will feel badly the blows of the global pandemic causing disruptions to its fragile economy. In face of the gloomy situation the government is hastening to ask external financial aid, particularly to international monetary bodies.
Last November Albania had a strong earthquake that killed 51 people and destroyed tens of thousands of buildings.
The International Monetary Fund has announced that it is helping Albania with $190.5 million (174 million Euro) to cope with the impact of the coronavirus pandemic.
The IMF revealed that the money would address country’s urgent balance of payments resulting from the ongoing global outbreak of the COVID-19 causing “significant losses and disruptions to Albania’s economy.”/argumentum.al
