World Bank2013-11-062013-11-062011-06https://hdl.handle.net/10986/16230From November 8 to 17, 2010, a World Bank team undertook a Debt Management Performance Assessment (DeMPA) mission to Tirana, Albania. The mission's objective was to prepare a comprehensive assessment of government debt management functions by applying the DeMPA methodology. This report presents the results of the assessment, based on the December 2009 version of the DeMPA tool. The assessment reveals that Albania meets the requirements for the A score in eleven dimensions assessed the B score in five dimensions, the C score in twelve dimensions, and the D score in five dimensions. Of more than 50 countries assessed by the World Bank under the DeMPA program so far, Albania stands out as one of the few which has sound debt management practices in the largest number of areas as defined by the DeMPA methodology. Albanian economy is highly dependent on remittances. Sectors that rely on remittances construction, wholesale and retail, and other services together account for over 60 percent of the country's Gross Domestic Product (GDP) and has been the backbone of the country's strong growth. Large capital inflows (remittances, official assistance, and some foreign direct investment) have resulted in a steady appreciation of the country's currency. The DeMPA focuses on central government debt management activities and closely-related functions, such as the issuance of loan guarantees, on-lending, cash flow forecasting, and cash balance management. Thus, the DeMPA does not assess the ability to manage the wider public debt portfolio, including implicit contingent liabilities.en-USCC BY 3.0 IGOAMOUNT OF CREDITAMOUNT OF DEBTAUCTIONAUCTION AMOUNTAUCTIONSBANK ACCOUNTBANK ACCOUNTSBANK BORROWINGBANK FINANCINGBANK LOANBANK LOANSBANK MARKETBANKING SECTORBASIS POINTSBENEFICIARYBIDBIDSBORROWERBORROWING PLANBUDGET DEFICITBUDGET DEFICITSCAPITAL INFLOWSCAPITAL INVESTMENTCASH BALANCECASH BALANCESCASH FLOWCASH FLOWSCASH MANAGEMENTCASH RESERVECENTRAL BANKCENTRAL GOVERNMENT DEBTCHECKSCOMMERCIAL BANKSCOMMERCIAL BORROWINGCONFLICT OF INTERESTCONFLICTS OF INTERESTCONTINGENT LIABILITIESCONTRACTUAL OBLIGATIONSCORPORATE PROFIT TAXCOUPONCREDIT RATINGSCREDIT RISKCREDIT RISKSCREDITORCREDITORSCURRENCYCURRENT ACCOUNTCURRENT ACCOUNT DEFICITCURRENT ACCOUNT DEFICITSDATED GOVERNMENT SECURITIESDEALER MARKETDEBTDEBT DATADEBT ISSUANCEDEBT MANAGEMENTDEBT MARKET DEVELOPMENTDEBT OUTSTANDINGDEBT RATIODEBT SERVICEDEBT SERVICE PAYMENTSDEBT SERVICINGDEBT TRANSACTIONSDEBT-SERVICEDEBTORDEBTOR REPORTING SYSTEMDEPOSITSDERIVATIVEDERIVATIVE CONTRACTSDERIVATIVESDEVELOPMENT BANKDISASTER RECOVERYDISBURSEMENTDISBURSEMENTSDOMESTIC BANKSDOMESTIC BORROWINGDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC MARKETDURABLEECONOMIC ACTIVITYEMPLOYERENFORCEABILITYEQUIPMENTEUROBONDEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXTENSION OF CREDITEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL FUNDINGFINANCE COSTFINANCIAL ANALYSISFINANCIAL ASSISTANCEFINANCIAL CREDITSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL OBLIGATIONSFINANCING OF INVESTMENTFISCAL DEFICITSFISCAL POLICIESFISCAL POLICYFIXED COUPONSFIXED INCOMEFLOATING-RATE NOTESFOREIGN CURRENCYFOREIGN CURRENCY RISKSFOREIGN DIRECT INVESTMENTFOREIGN HOLDINGSFRAUDGOVERNMENT BANKGOVERNMENT BONDSGOVERNMENT BORROWINGGOVERNMENT BORROWINGSGOVERNMENT DEBTGOVERNMENT GUARANTEESGOVERNMENT SECURITIESGUARANTEE FEESHIGH INTEREST RATEHOLDINGHOLDINGSHOLDINGS OF GOVERNMENT SECURITIESHUMAN RESOURCEHUMAN RESOURCESHUMAN RIGHTSINCOME TAXINDIVIDUAL CREDITORSINFORMATION SHARINGINSTRUMENTINSURANCEINTEREST PAYMENTSINTEREST RATEINTEREST RATE CHANGESINTEREST RATE RISKINTEREST RATESINTERNAL AUDITINTERNAL AUDITSINTERNATIONAL FINANCIAL INSTITUTIONSINTERPOLATIONINVENTORYINVESTMENT BANKINVESTMENT PROJECTSINVESTOR BASEISSUANCEISSUANCE OF TREASURY BILLSLEGAL FRAMEWORKLENDERLENDING AGREEMENTSLIMITED ACCESSLIQUIDITYLOANLOAN AGREEMENTLOAN AGREEMENTSLOAN CONTRACTLOAN GUARANTEESLOCAL CURRENCYLOCAL GOVERNMENTMACROECONOMIC POLICIESMACROECONOMIC POLICYMACROECONOMIC STABILITYMACROECONOMIC VARIABLESMARKET BORROWINGMARKET CONDITIONSMARKET DEVELOPMENTMARKET PARTICIPANTMARKET PARTICIPANTSMATURITIESMATURITYMONETARY POLICYNATURAL DISASTERSNOMINEE ACCOUNTOPEN-MARKET OPERATIONSOUTSTANDING DEBTPAYMENT ORDERPAYMENT ORDERSPENSIONPENSION SYSTEMPENSIONSPERSONAL INCOMEPORTFOLIOPORTFOLIO RISKPRICE STABILITYPRIMARY MARKETPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC FINANCEPUBLIC INVESTMENTPUBLIC SECTOR DEBTPURCHASING POWERPURCHASING POWER PARITYRECESSIONREGISTRY SYSTEMREMITTANCESREPAYMENTREPOREPO RATERESERVERESERVE FUNDRETAIL INVESTORSRETURNRISK ASSESSMENTSRISK CONTROLRISK MANAGEMENTSECONDARY MARKETSECONDARY MARKET TRADINGSETTLEMENTSETTLEMENT OF TRANSACTIONSSMALL BUSINESSSOCIAL DEVELOPMENTSOLVENCYSTATE LOANSUB-NATIONAL BORROWINGST-BILLST-BONDSTAXTAX COLLECTIONTERM DEPOSITTOTAL DEBTTRADINGTRANSACTIONTREASURYTREASURY BILLSTREASURY BONDSTREATIESTURNOVERUNIFORM-PRICEUSE OF DERIVATIVESYIELD CURVEWorld Bank10.1596/16230