High-Level delegation of the Central Bank of the Republic of Kosovo led by Governor Ismaili, successfully concludes the International Monetary Fund and World Bank 2025 Spring Meetings in Washington D.C.

A high-level delegation from the Central Bank of the Republic of Kosovo (CBK), led by Governor Mr. Ahmet Ismaili, Non-Executive Board Member Ms. Arta Hoxha, Deputy Governor Ms. Nesrin Shileku-Shala, Director of Insurance and Pension Supervision Ms. Ramize Ramadani, and Head of the Governor’s Office Mr. Amir Zylfiu, participated in the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB), held in Washington D.C., United States of America.

In the meeting with IMF Deputy Managing Director Mr. Bo Li, Governor Ismaili presented the latest developments in Kosovo’s economy, including the performance of the financial sector, progress in maintaining financial stability, and the advancement of structural reforms. He also highlighted the successful completion of two key cooperation programs with the IMF: the Stand-By Arrangement (SBA) and the Resilience and Sustainability Facility (RSF), which have significantly contributed to fiscal and structural reform progress, helping to preserve the country’s economic stability.

Deputy Managing Director Mr. Li commended Kosovo’s progress in maintaining financial stability and emphasized the importance of further cooperation between the IMF and CBK in areas directly impacting economic development and strengthening the financial system.

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CBK Governor Mr. Ahmet Ismaili had the pleasure of meeting with the President of the World Bank Group, Mr. Ajay Banga.

During the discussion, Governor Ismaili and President Banga highly praised the excellent and lasting partnership between Kosovo and the World Bank, focusing on the progress of ongoing projects aimed at enhancing economic resilience, developing the financial sector, and strengthening institutional capacities.

Governor Ismaili expressed deep gratitude for the World Bank’s role in advancing key reforms and capacity-building initiatives aligned with the institution’s long-term goals, reaffirming CBK’s commitment to deepening cooperation in the years ahead.

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During his official stay at the 2025 Spring Meetings, held from April 21 to 26, Governor Ismaili held an important meeting with the President of the European Central Bank (ECB), Ms. Christine Lagarde.

Governor Ismaili briefed President Lagarde on recent macroeconomic developments and progress in structural reforms within the financial sector, in line with CBK’s Strategic Plan. He noted that these reforms have helped preserve the stability and integrity of the country’s financial system.

Governor Ismaili also updated Ms. Lagarde on Kosovo’s progress toward completing the pre-application process for membership in the Single Euro Payments Area (SEPA), emphasizing that ECB’s support is crucial for achieving this strategic goal with wide-ranging benefits for the country’s economy.

He also expressed his highest appreciation to the ECB for its cooperation and support through mechanisms that have enabled institutional capacity building and financial stability, including the continuation of the REPO liquidity line.

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In his meeting with Mr. Alfred Kammer, Director of the European Department at the IMF, Governor Ismaili shared the latest developments in Kosovo’s financial sector, including progress in enhancing the legal and regulatory framework to strengthen the resilience and integrity of the financial system. He also presented macroeconomic trends and structural reform progress in line with CBK’s Strategic Plan.

Mr. Kammer praised CBK’s achievements in maintaining financial stability and emphasized the importance of deepening cooperation between the IMF and Kosovo, particularly in areas supporting economic development and strengthening the financial system’s operations.

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Governor Ismaili also held a high-level meeting with Mr. Tobias Adrian, Chief Financial Officer and Director of the IMF’s Monetary and Capital Markets Department (MCM).

They discussed current global economic developments and held a constructive dialogue on the excellent and ongoing cooperation between CBK and the MCM Department. The discussion emphasized macro-financial stability, regulatory advancements, and the development of modern frameworks tailored to Kosovo’s evolving financial sector needs.

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Governor Ismaili met with Mr. David Amaglobeli, IMF Mission Chief for Kosovo, to update him on recent macroeconomic and financial developments in Kosovo, as well as the status of reforms undertaken by CBK to support sustainable economic growth and strengthen the financial system.

Mr. Amaglobeli presented the IMF’s views on global economic developments and their potential impact on Kosovo’s economy, while also commending CBK for the reforms in the financial sector and institutional capacity building.

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In the meeting with Mr. Yigit Yasar, Executive Director of Kosovo’s IMF Constituency, discussions focused on ongoing IMF-supported projects and further support for enhancing CBK’s institutional capacities and financial supervision. Governor Ismaili thanked Mr. Yasar for the continuous support extended to Kosovo within its IMF Constituency membership.

Additionally, in the meeting with Ms. Nathalie Francken, Executive Director at the World Bank, ongoing cooperation in financial sector projects was highly appreciated, including the project for Kosovo’s integration into SEPA and the development of the TIPS Clone fast payment system.

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The CBK delegation was also received by senior leadership of the IMF Institute for Capacity Development (ICD), headed by Director Mr. Dominique Desruelle and his team. Discussions focused on supporting CBK in reviewing and developing macroeconomic models tailored to Kosovo’s real and financial sector needs, aiming to strengthen policymaking analysis and economic forecasting, as well as human capacity development.

Governor Ismaili presented CBK’s priorities and thanked the IMF for its ongoing support, while IMF teams commended CBK’s efforts and implementation of past recommendations, expressing readiness to provide new technical assistance aligned with the discussions and existing capacities.

Governor Ismaili also met with the IMF Monetary and Capital Markets Department team, led by Ms. Jennifer Elliot, Regional Advisor. Discussions covered the status of recommendations from past IMF missions, including the Financial Sector Stability Review (FSSR), Safeguard Assessment, and satisfactory implementation levels of technical assistance received so far.

Topics included continued IMF support in banking, insurance, and pension supervision, financial stability, cybersecurity, and advancement of CBK’s institutional and legal frameworks. Emphasis was placed on implementing the Supervisory Review and Evaluation Process (SREP), revising the Transparency Code, further developing macro-modeling tools, and enhancing IT supervision and cyber risk management in line with international best practices.

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Governor Ismaili participated in the IMF-hosted meeting with Central Bank Governors from Central European countries, addressing the Regional Economic Outlook for Europe (EUR REO), presenting current developments and expectations for key economic and financial indicators in light of global geopolitical and economic dynamics.

Subsequently, Governor Ismaili also took part in a meeting with Finance Ministers and Central Bank Governors from the Western Balkans and Moldova, discussing the proposal to establish the IMF Center for Technical Assistance in Southeast Europe (SEETAC).

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CBK Governor represented the Republic of Kosovo in the plenary meeting of the International Monetary and Financial Committee (IMFC), alongside Governors from the IMF’s 191 member countries, held as part of the IMF and World Bank Annual Meetings.

The IMFC is responsible for advising and reporting to the IMF Board of Governors and oversees and shapes the international monetary and financial system.

Governor Ismaili met with the Vice President of the World Bank for Europe and Central Asia, Ms. Antonella Bassani, and briefed her on key developments in Kosovo’s financial sector, the reforms undertaken as part of the CBK’s Strategic Plan, as well as ongoing projects supported by the World Bank Group. He emphasized the CBK’s progress in the pre-application process with the European Commission for membership in the Single Euro Payments Area (SEPA), highlighting the crucial support of the World Bank in this process, which holds significant implications for Kosovo’s economic development.

The meeting also covered the latest financial sector project, which includes: the development of an instant payment system in cooperation with the Bank of Italy, the capitalization of the Deposit Insurance Fund, and strengthening the contribution to the Credit Guarantee Fund. Both parties acknowledged this project as an important step toward advancing financial stability, improving access to finance, and promoting financial inclusion.

Prior to this, Governor Ismaili attended the World Bank Constituency Meeting, chaired by Belgium’s Deputy Prime Minister and Minister of Finance, Mr. Jan Jambon. Mr. Jambon praised the progress of the Republic of Kosovo, which, in addition to its status as a borrowing country, has also transitioned to a contributor status to the IDA (International Development Association) funds. Governor Ismaili presented his views on the further development of projects and shared priorities, emphasizing Kosovo’s commitment to partnership and cooperation in their implementation.

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Governor Ismaili participated as a panelist in the Executive Forum organized by the International Development Association (IDA) and the World Bank Treasury. The panel was moderated by Mr. Jorge Familiar, Vice President and Treasurer of the World Bank.

In his remarks, Governor Ismaili highlighted Kosovo’s transformative journey from an IDA aid recipient to a donor, underlining the key role of resilient institutions, sound financial management, and strategic international partnerships in advancing Kosovo’s sustainable development and global integration.

He presented Kosovo’s major achievements in strengthening financial stability and market development, including securing its first sovereign credit rating, introducing liquidity management instruments and REPO operations, and modernizing Kosovo’s payment infrastructure. He also spoke about the CBK’s progress in aligning Kosovo’s financial sector with EU standards, strengthening investor confidence, and deepening regional and international financial integration.

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As part of his stay in Washington D.C., Governor Ismaili took part in a high-level roundtable on the topic “Payment Systems in the Western Balkans: Progress Report and Future Developments,” organized by the World Bank.

In his address, Governor Ismaili emphasized the importance of implementing a joint regional system for instant payments, noting that digitalization is an inevitable transformative process. He stressed the need for institutions to ensure that citizens and businesses benefit fully from these developments. He highlighted Kosovo’s significant potential for real-time payment system development due to its young population, high internet and smart device usage, and growing demand for fast digital services. He also noted that reducing cash usage contributes to increased efficiency, transparency, and financial inclusion.

In conclusion, participants reaffirmed the strategic importance of digital payments development as a foundation for advancing financial inclusion, economic integration, and the modernization of financial markets in the Western Balkans. It was emphasized that building a shared financial infrastructure will accelerate integration with the European payments market and provide a solid foundation for future innovations.

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The Governor of the CBK, accompanied by the CBK delegation, held a meeting with Ms. Ines Rocha, Regional Director for Europe at the International Finance Corporation (IFC), part of the World Bank Group.

During the meeting, Governor Ismaili briefed Ms. Rocha and the newly appointed Regional Director, Mr. Marcello Castellanos, along with their teams, on recent developments in Kosovo’s financial sector and reforms undertaken by the CBK in key areas such as: modernization of the payment system, digitalization of financial services, advancement of the legal framework, increasing financial inclusion, and promoting financial literacy – all aligned with the CBK Strategic Plan.

The discussion also focused on developments related to climate and environmental risks, with special emphasis on advancing the legal framework and strengthening institutional capacities to address them within the financial sector.

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As part of the IMF and World Bank Spring Meetings, the Governor of the Central Bank of the Republic of Kosovo, Mr. Ahmet Ismaili, took part in a high-level discussion organized under the leadership of the Chairman of the Vienna Initiative and Governor of the Central Bank of Croatia, Mr. Boris Vujčić. This meeting, part of the Vienna Initiative 2.0 Steering Committee, brought together governors from six Western Balkan countries and Moldova to address challenges and identify common solutions for advancing SEPA (Single Euro Payments Area) integration in the region.

Additionally, Governor Ismaili and his delegation held a meeting with Mr. Christian Rossler, Vice President for Banking, Lending, and Financing at Clearstream, a Deutsche Börse Group institution based in Luxembourg.

The meeting explored potential cooperation between the CBK and Clearstream in the field of international reserve management, including custodial services, and access to advanced financial market products and services such as securities lending and borrowing.

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The IMF and World Bank Spring Meetings bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, civil society representatives, and academics to discuss key global issues such as economic outlooks, poverty reduction, and economic development.