Radio Tirana Internacional Live
Radio Tirana Internacional

Economy

Pandemic risk / Sejko: The banking sector facilitated recovery. No to the hasty withdrawal of stimulus policies

  • 9/16/2021 10:45 AM
Pandemic risk / Sejko: The banking sector facilitated recovery. No to the hasty withdrawal of stimulus policies

Governor Sejko attended a roundtable organized by the Embassy of the United Kingdom in Tirana, which focused on the main issues currently facing Albania, such as the challenges posed by rapid climate change; economic difficulties stemming from the country's history; the situation created due to the COVID-19 pandemic; as well as governance challenges.
During his speech, the governor said that it is very important that the construction of a better future begins with finding a safer way out of the pandemic.

On one hand, economic policies must continue to nurture recovery and avoid hasty removal of stimulus. On the other hand, due attention should be paid to monitoring the potential risks arising from debt overload, both in the public and private sectors, and rising inflation.

According to Sejko, the banking sector played a very important role in Albania's economic response to the COVID-19 pandemic, facilitating recovery.

Also, bank lending strategies need to be balanced between risk / return optimization and community interest service, allocating more funds to businesses that create more jobs. According to the governor, it is very important that the construction of a better future begins with finding a safe way out of the pandemic.

New payment and credit instruments, new financial market players, and new business models, such as digital banking and electronic payments, increased the penetration of financial services. The private sector should also focus on adapting business strategies and practices to emerging trends, such as the IT revolution, which has made it possible to relocate a portion of online business, increasing flexibility and operational efficiency.

The discussion was attended by the Chairman of the Board of Trustees at the Overseas Development Institute (ODI), Mr. Suma Chakrabarti, Chief Executive Officer of the Board of Trustees at the Overseas Development Institute (ODI), Ms. Sara Pantuliano, as well as the Ambassador of the United Kingdom in Albania, Mr. Alastair King-Smith.

/Klara Ruci/