Bank of Albania Governor Gent Sejko met with representatives of the joint IMF and World Bank mission as Albania completed its Financial Sector Assessment Program, or FSAP.

The Albanian authorities requested the assessment, while the Bank of Albania coordinated the process domestically. Senior officials from the Financial Supervisory Authority, the Deposit Insurance Agency and the Ministry of Finance also attended the meeting.

The FSAP provides an in-depth review of the financial sector. It examines the sector’s ability to withstand risks and potential shocks. It also assesses the regulatory and supervisory framework and the country’s capacity to prevent and manage financial crises.

In addition, the program identifies opportunities for further sector development and provides recommendations tailored to Albania’s needs.

During the assessment, Albanian authorities and the FSAP team exchanged data, information and analysis. They also held technical meetings with financial market participants.

The review covered several key areas. These included financial crisis management, systemic risk assessment and micro- and macroprudential supervision. It also examined cybersecurity, digital finance, support for small and medium-sized businesses and capital market development.

Meanwhile, the FSAP team highlighted progress in Albania’s financial system since the previous assessment in 2013–2014.

According to the latest assessment, Albania now has stronger financial institutions and a more diversified financial system. The country has also modernised its payment infrastructure and expanded financial intermediation. At the same time, financial institutions have adopted new technologies in their services.

These developments have benefited from a legal and regulatory framework that has moved closer to EU standards. As a result, public authorities can provide more effective and comprehensive supervision.

However, the financial sector continues to face a changing economic environment. Therefore, the FSAP recommendations aim to strengthen its resilience and improve its contribution to the real economy.

The recommendations also focus on better risk management. In addition, Albanian authorities can use them to support legal and operational reforms linked to EU standards and practices.

For his part, Governor Sejko thanked the FSAP experts for their work and cooperation. He said the independent assessment came at an important stage for Albania’s financial sector.

Sejko also welcomed the findings, saying they confirmed the sound condition of the financial system. He thanked Albanian institutions, market participants and supporting infrastructure for their contribution to the process.

Finally, Sejko pledged to carefully review the assessment documents. The authorities will use the FSAP recommendations to strengthen financial sector reforms over the medium term.

Both sides described the assessment as successful. They also agreed to continue cooperation and provide technical support in several areas covered by the FSAP.