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It is the obligation of the government, specifically the Ministry of Finance and the ministries that receive the funds, to draft detailed reports on the object and extent of debt spending, which, after being approved by the Council of Ministers, must be sent to international financial institutions before another debt is requested...
On February 11, 2025, the Albanian government announced the issuance of another Eurobond of 650 million Euros with an interest rate of 5% and a term of 10 years, to repay previous foreign debts in process, domestic debts to private companies, and other administrative payments.
The Minister of Finance, Petrit Malaj, promoted the issuance of this debt on the London Stock Exchange, worth 8% of the 2025 budget, as "a major achievement of the government in the international financial market."
But a reaction regarding this Eurobond, from two financial institutions, specifically the International Monetary Fund and the World Bank; has revealed that the Albanian government is not transparent in the use of previous debts it has taken on and is in the process of repaying.
This concerns the Euro-bond of 650 million Euros, which the government received in November 2021, and the Euro-bond of 600 million Euros, which it received in June 2023, with a total value of 1 billion and 250 million Euros.
For these 2 debts, the government said that they will be used for investments, for repayment of existing debts, for administrative and social payments, and for urban, economic development projects and services in rural areas, one of which is the water supply and sewage network in 20 former municipalities.
It is the obligation of the government, specifically the Ministry of Finance, to draft detailed reports on the scope and extent of debt spending, which, after being approved by the Council of Ministers, must be sent to international financial institutions before requesting another loan.
For the IMF and the WB, they have requested the blocking of the 650 million Euro debt received on February 11; because they have found that the government has not implemented the obligation to declare in detail the object of the actual use of the 650 million Euro and 600 million Euro debts received in 2021 and 2023.
For example, the government has deceived itself by pretending to have repaid the installments and interests of existing debts according to the deadlines, but in fact it has not repaid them regularly or according to the installments; while it has used 40% of the value of the debts outside the purpose for which it requested, was given and received them,
But although the IMF and the World Bank have requested the blocking of the 650 million Euro debt that the government received on February 11, 2025, 20% of it has evaporated without yet reaching the state budget.
The 97.5 million Euro portion was confiscated from the Albanian government for the arrears of the debts in process; 13 million Euro was given to Tony Blair who securitized and secured the debt on the London Stock Exchange, while 500 thousand Euro was given to the experts who prepared the debt recovery file, who have family and business ties with the Minister of Finance, Petrit Malaj.
But if this Eurobond is canceled, there will be another sanction, since according to the contract, the British Stock Exchange benefits and will receive as compensation, 5% interest on the debt for 2 and a half years, since the Albanian government is considered the cause of the debt cancellation./ Pamphlet
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