06/11/2024

The International Monetary Fund’s (IMF) European Department, in cooperation with the Central Bank of the Republic of Kosovo (CBK), presented the Regional Economic Outlook (REO) for Europe in Pristina. The event was attended by over 60 representatives from various institutions and organizations, including the public sector, academia, the financial sector, and international organizations.

The presentation provided an overview of recent economic developments and outlook in Europe and discussed how further EU accession could support further integration and accelerate income convergence of countries aspiring to become members.   

In his opening speech, CBK Governor, Mr. Ahmet Ismaili thanked the IMF for selecting Kosovo and CBK as hosts for this event. He emphasized the importance of Kosovo’s membership in the IMF and the World Bank Group 15 years ago and highlighted their contribution to establishing and developing the CBK’s technical and professional capacities, as well as the legal framework of the financial sector.

Governor Ismaili stressed that Kosovo’s financial system remains stable, highly liquid, and well-capitalized. He highlighted CBK’s ongoing commitment to reforms and alignment of the legal framework with European Union (EU) standards, expressing gratitude for the support of international partners.

“By maintaining a well-regulated banking sector and closely monitoring key financial and macroeconomic indicators, we can manage uncertainties and work towards sustainable economic development. Our reforms aim to strengthen the banking sector and integrate it towards the EU,” stated Governor Ismaili.

He also mentioned the commitment to improving the legal and supervisory framework according to EU directives and Basel standards, ensuring the financial sector aligns with best international practices.

“The CBK reaffirms its commitment to playing a constructive and responsible role within the European financial community, contributing to shared objectives,” added Governor Ismaili.

He further emphasized that financial inclusion and consumer protection are CBK’s priorities, committing to improve access to financial services and protect consumer rights, aiming to create an inclusive financial system.

Another significant topic of discussion was Kosovo’s integration into the Single Euro Payments Area (SEPA), a strategic objective of the CBK, expected to bring substantial economic and financial benefits to the country and further advance European integration in the field of payments.

The report was presented by Mr. Sebastian Weber, deputy chief, European Department of IMF, followed by discussions on the report and economic developments in the country. In the discussion panel, the CBK Deputy Governor for Banking Operations, Mr. Dardan Fusha, and IMF’s Regional Resident Representative for the Western Balkans, Mr. Sebastian Sosa, discussed economic and financial situation in Kosovo and the Western Balkans. Other participants had the opportunity to exchange views and contribute with questions and comments for the panelists, while Mission Chief for Kosovo Mr. David Amaglobeli elaborated on the role of fiscal and structural reforms for maximizing benefits from integration with the EU.

This event took place ahead of a high-level conference which will mark the 25thanniversary of the establishment of the Central Bank of Kosovo.