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Albanian Times, April 4, 1996
From: Albanian Times <AlbaTimes@aol.com>
CONTENTS
[1] Albania Poised for Bank Privatisations
[2] Regional Cooperation Prospects Confirmed
[3] Democrats Open Convention, Launch Election Campaign
[4] Albania to Open Embassy in Sarajevo
[1] Albania Poised for Bank Privatisations
TIRANA, April 3 - Albania's central bank governor said two of the country's
three existing banks would soon be fully privatised, and indicated foreign
buyers had shown strong interest in acquiring a foothold in the country.
Kristaq Luniku said state-owned National Commercial bank and the Rural
Commercial bank would be first on the list for a possible privatisation. A
third bank, The Savings Bank, would be partially sold off. Asked whether the
government was planning to retain stakes in the two commercial banks, Luniku
answered: ``I do not think the state has reason to keep any.'' Albania set
up its banking system in 1992, forming a central bank and three supervised
state banks. While the regulatory basis for the privatisation was already in
place, Luniku said the central bank was still waiting for a report by an
international accounting firm to determine the banks' financial soundness.
Depending on the report's findings, Luniku said the government would
consider whether to help restore the banks' balance sheets by assuming their
non-performing loan portfolio. ``This will be done so that they can be
really sound banks and be turned into shareholding companies, which will
then be sold,'' he said. Luniku added the central bank would step up its
drive to attract more capital, financial services and expertise to the
country's fledgling economy by encouraging new banks, both foreign and
domestic, to seek a licence. ``The new banks will help the speedy
development of Albania by bringing in much-needed capital and investment and
provide financing in the private sector,'' he said. The National Bank of
Greece last month became the first foreign bank to obtain a full banking
licence in Albania. The Tirana central bank has reportedly agreed to soon
examine four more applications by Greek banks to open in Albania. (Courtesy
of Reuters)
[2] Regional Cooperation Prospects Confirmed
TIRANA, April 3 - A meeting of foreign ministers from the southern Balkans
at the end of June and of defence ministers in September now seem to be a
possible follow-up to a meeting of defence ministers from Albania, Bulgaria,
Turkey and Macedonia, according to ANSA. The ministers showed ''great
interest'' in the Bulgarian proposal for the two meetings to discuss closer
links with the Dayton peace process in Bosnia and moves for closer relations
with NATO and the European Union. Meanwhile, Greek government has said that
Greece had refused an invitation to attend the meeting in Tirana because
Romania and Serbia had not been invited to participate. "The government
wishes there to be a climate of concord and agreement in the region of the
Balkans," government spokesman Dimitris Reppas was quoted by ANA. In order
for such a climate to exist, certain prerequisites must be met "one of which
is the participation of all the Balkan countries in such meetings", he said.
(Albanian Times, ANSA, ANA)
[3] Democrats Open Convention, Launch Election Campaign
TIRANA, April 4 - Albanian President Sali Berisha, praised the performance
of his Democratic Party and urged his compatriots to prevent the return of
the former communists to power. Speaking at the Party's national convention,
Berisha said the democrats had transformed Albania from the ugliest example
of communist dictatorship to a country where economic reform was taking hold
and the rule of law established. He said, Albania has attained two-digit
growth in gross domestic product after a 40 percent fall in production and
has reined in inflation to six percent in 1995 from a galloping 400 percent
when the Democrats came to power in 1992. He promised to introduce a series
of tax incentives and privatisations both for foreign and domestic
investors. Within two years, a new Democratic government would privatise
banks, mines, the oil sector, hydro-electric power stations and
telecommunications and cut taxes, he said. The convention is launching the
Party's campaign for the upcoming nationa elections. A date for the poll is
yet to be set but the elections are widely expected to take place in June.
The Democrats won a landslide election victory in March 1992 over the
incumbent Socialist government, securing 92 seats in the 140-seat
parliament. A December poll by U.S. firm Public Opinion Strategies showed
Berisha's Democrats with 41 percent support with the Socialists trailing at
19 percent. "A victory for the Democratic Party would be a victory for all,"
Tritan Shehu, the Party's General Secretary said. The convention is expected
to elect a Party chairman. (Albanian Times, Reuters)
[4] Albania to Open Embassy in Sarajevo
TIRANA, April 3 - Albanian Foreign Minister Alfred Serreqi said his country
will open soon an embassy in Sarajevo. On his two-day visit in Sarajevo, Mr.
Serreqi discussed the possibility of a number of agreements with the Bosnian
government. In talks with Bosnian trade officials, Mr. Serreqi urged
chambers of commerce in both countries to act rapidly to establish contacts
between them. (Albanian Times)
The material was reprinted with permission of AlbAmerica Trade & Consulting
International. For more information on ATCI and the Albanian Times, please
write to AlbaTimes@aol.com
Copyright (c) ATCI, 1996
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