The completion of the IMF Team Mission: The election of the Governor of the CBK has provided new impetus to the implementation of fiscal and financial reforms in Kosovo

18/10/2023

An International Monetary Fund Mission led by Mr. Gabriel Di Bella has visited the Republic of Kosovo during   September 25 – October 6,2023, to conduct discussions on the first reviews of Kosovo’s precautionary Stand-By Arrangement (SBA) and the Resilience and Sustainability Facility (RSF) Arrangement with the IMF.

The IMF Team, after the completion of the Mission, concluded that the election of the new Governor of the Central Bank of the Republic of Kosovo (CBK) has provided impetus to the implementation of fiscal and financial reforms in the country.

"The appointment of a new CBK governor and normalization of CBK governance structures have provided new impetus for reform implementation. Staff expects that new rules of procedure clarifying responsibilities of the CBK supervisory board in relation to the executive board will be soon in place and that a new bank law will be submitted to the National Assembly in early 2024", is stated in the IMF press release.

Moreover, it is emphasized that the quality and liquidity of the CBK has been preserved in line with the IMF program objectives.

"The fiscal balance and government deposits at the Central Bank (CBK) have remained so far in 2023 comfortably above program floors and public investment absorption has increased considerably compared to 2022; staff expect end-2023 targets to be met. The quality and liquidity of CBK assets has been preserved in line with program objectives", the IMF concluded.

The CBK is in process of implementing the measures foreseen in the program, while being focused on timely finalization.