Governor Mehmet met IFC delegation

Central Bank of the Republic of Kosovo Governor Fehmi Mehmeti hosted the delegation from the International Finance Corporation (IFC), part of the World Bank led by Damen Shiels.

Governor Mehmeti reported on the latest developments in the financial sector, in particular to the banking sector, which is continuing to be stable.

On the other hand, IFC representatives informed Governor Mehmeti of its project to improve and reform the legal structure and build capacities in the area of restructuring and liquidating businesses.

The aim of this project is to assist the Government of the Republic of Kosovo in its efforts to improve its pre-falmentation regime and the inability of payments in the country and stimulate the use of the default framework.

This project is expected to lead to improved credit return and increased credit returns, to enable rehabilitation of potential businesses and to ease the liquidation of inefficient companies and turn their assets into productive use.

This project will also result in access to credit by increasing predictability for lenders and reducing risk cuts they can utter, thus making the loan more accessible.

In general, this is aimed at creating a favourable business environment for foreign and local investors and creating the necessary business for sustainable economic growth.

This will be achieved through targeted technical assistance to improve the primary framework and

Legal secondary for the default and bankruptcy disability regime, establishment of a legal and regulatory framework for liquidation managers, capacity building for key actors in the bankruptcy process, and building mechanisms to promote the use of the bankruptcy system.

The IFC also requested support from the CEC in the project, as well as primary role in the leadership of the Workers Group and development of the strategy for non-aligned loans.

The IFC expressed readiness to assist in further advancement of the Kosovo Credit Record.

On the other hand, Governor Mehmeti thanked the IFC and the World Bank for continued financial sector support and expressed readiness for future co-operation.