Albania's tax collection rate is among the lowest in the world, but that is not stopping it from issuing a new Eurobond of between 300 million to 500 million euros ($338 million to $563 million), Prime Minister Edi Rama said on Tuesday. Rama, in New York for the United Nations General Assembly meetings, confirmed Albania will issue a bond. Albanian Finance Minister Shkelqim Cani has said the government was only considering a sale while visiting European investors this week.
"We have a Eurobond that is maturing so we decided to go into the markets. Yes, we hope we will get a good response, although the times are not the best," Rama said, referring to volatile global financial markets. Albania's 27 percent tax collection rate is an improvement, Rama said, from 23 percent two years ago. The government launched a campaign against tax evasion, but Rama dismissed concerns over Albania's ability to repay debt. "This should be a concern of the government and the people of Albania, not of investors because for investors this doesn't make any difference," he said.
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