New Albania government to get IMF loan



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TIRANA, Albania (AP) - The International Monetary Fund says it has given initial approval for a 300 million euro ($412 million) loan to Albania to support the small Balkan country's economic recovery.

Albania's 3-month-old Socialist government is struggling with stagnant private credit and a rising national debt set to reach 74.8 percent of GDP.

IMF officials said Tuesday the loan is subject to formal approval early next year and conditional on a series of fiscal reforms.

The loan will mostly go toward paying government arrears to the private sector, worth an estimated 35 billion leks ($337 million; 245 million euros).

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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