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Albania - Rehabilitation Credit Project (anglais)

The project outcome was satisfactory. Key lessons learned are: 1) Since the government was not legally bound to adopt the follow-up measures of the project, some of them were not accomplished. This can be attributed to the fact that a) they were not specific enough to monitor the follow-up measures of the project; and b) greater priority was given to resolving the problems caused by the pyramid schemes and in reforming the banking sector than to social sector, which explains why regarding the social safety net and employment promotion, follow-up measures were partially achieved and at a slow pace. 2) Sectoral policy reforms, like those in Employment Promotion, and to a lesser extent in the banking sector, can be slowed down by institutional issues and changes in government. Many of these reforms involve the approval of laws by Parliament, and this process can be significantly hampered by internal political pressures and weak governance, as in Albania. 3) Timeliness was important for the success of the project. Given the crisis situation in Albania at the time of preparation at the economic, political, and social levels, the close collaboration between the Bank and the government provided the needed balance of payments support and a basis for continuing dialogue and fruitful cooperation.

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