TIRANA, June 18 – The government is taking a new step to strengthen transparency and accountability in public finance management through the establishment of a Fiscal Council. The institution will operate independently and report to Parliament.
Meanwhile, Finance Minister Petrit Malaj announced that the draft law on the Fiscal Council has entered public consultation. He said the initiative aims to further align Albania’s fiscal framework with European Union standards.
According to Malaj, Albania already ranks among the regional leaders in budget transparency. He said the new institution represents another important step toward stronger fiscal discipline, greater transparency, and long-term public finance sustainability.
In addition, the Fiscal Council will provide independent analyses and professional assessments of the country’s fiscal and budgetary policies. The draft law assigns the institution a mandate focused on oversight and evaluation.
Key expected benefits include stronger fiscal discipline and greater transparency in budget processes. The proposal also aims to support sustainable public finances. It seeks compliance with European Union requirements. It also promotes international best practices in fiscal management.
At the same time, the council will analyse budget forecasts and macroeconomic projections. It will evaluate fiscal policy. It will also monitor the implementation of fiscal rules.
Finally, Malaj said the institution will improve the credibility and quality of fiscal policies. He added that independent oversight will strengthen public finance management and support economic decision-making in line with European standards.
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