A new project phase was announced for improving regulations and practices of financial reporting in Albania on Friday. Deputy Minister of Finance Irena Beqiraj, together with Swiss Ambassador Christoph Graf and World Bank project leader Andrei Busuoic presented the project to assist in improving accounting, auditing and reporting practices at company level.
“We are aware of “We are aware that regulations but also institutions in the area of accounting and auditing, as well as the capacities of accounting and auditing professionals are in need of improvement”, Deputy Minister of Finance Irena Beqiraj said.
According to Beqiraj, the main expectations of implementing these reforms in the medium term are an increase of transparency and accountability in financial reporting, an improvement of decision-making in loans, credit, an increase in investment and in investors’ confidence, and of course a contribution in our continuous efforts to fight corruption.
In his remarks, Swiss Ambassador Christoph Graf emphasized that regulations meeting EU standards should be applied in the area of corporate reporting too.
“Confidence and trust are prerequisites for increased investments and economic growth. Investors, business owners, entrepreneurs need to be confident that corporate information is accurate and transparent – for their decision making”, Ambassador Graf said, adding the good financial reporting helps also financial authorities and banks.
“Improving the quality of financial reporting of corporations is one way to achieve more confidence and trust among investors, government and banks. Therefore, together with the World Bank and the Ministry of Finance, Switzerland is supporting this second phase of enhancing the quality of financial reporting in Albania, building on achievements and lessons learned from the previous project,” he said.
This latest grant is part of the overall support Switzerland provides with the aim of improving macroeconomic indicators and the business environment in Albania.
Implemented by the World Bank the project is being implemented also in other Western Balkan countries with the EU funding.