1.  Which financial (not tax or labour) short-term compensation schemes for immediate losses due to social distancing measures have been implemented? For which industries/sizes of business?
  2. Which medium-to long-term stabilisation measures are in place in your jurisdiction?
  3. Which measures (Guarantees, Loans, Equity Injections, etc.) are available?
  4. Have these mid- to long-term stabilisation measures already been notified with EU or other antitrust bodies?
  5. Which prerequisites are necessary to qualify for a programme?
  6. Are there any major reasons that may inhibit an applicant from successfully applying for a stabilisation measure?
  7.  In an international context, are subsidiaries and branches of foreign parent/holding companies eligible to apply? For EU-States: Also for non-EU-third countries?
  8. Do your country’s stabilisation schemes foresee restrictions on use of cash/other restrictions?
  9. How are insolvency application deadlines handled in times of Corona?
  10. How far have local insolvency/restructuring laws been changed/eased which might have an impact on international businesses?
  11. Are there any particular Corona-related rules on cross-border insolvencies and restructurings in place in your country?
  12. Which restructuring/insolvency measures instead of a wind down are available for Corona-related restructurings of entities with an international design or background in your country?

jurisdiction

Albania

1. Which financial (not tax or labour) short-term compensation schemes for immediate losses due to social distancing measures have been implemented? For which industries/sizes of business?

The 2020 Financial Statement provides the following:

  • ALL 6.5bn has been allocated for persons in need, employees who have lost their job, economic sectors that have incurred losses due to the suspension of activities, as well as for all communities that will be especially damaged
  • ALL 2.5bn has been allocated to the Ministry of Health and Social Protection – for hospitals, medicines and equipment, and any other unforeseen emergency
  • ALL 1bn has been allocated to the State’s Reserve Fund for the financing of future and unforeseen emergencies
  • ALL 2bn has been granted to the Emergency Fund to assure food supplies to specific communities, households, older people living alone, and other people who will need immediate and direct assistance. This fund will also be used for the needs of civil and military hospitals, and local governments.
  • ALL 11bn has been allocated in the form of loan guarantees for companies that will face future financial distress.

2. Which medium-to long-term stabilisation measures are in place in your jurisdiction?

At the moment no long-term stabilisation measures have been taken. 

In Albania, the negative impact that COVID-19 will generate is not clear. The Ministry of Finances and Economy has only evaluated the impact on some areas, including tourism, transportation and trade. The Ministry has also underlined that investments and exports are slowing down.

All the other macroeconomic areas will be analysed daily as the situation becomes clearer.

3. Which measures (Guarantees, Loans, Equity Injections, etc.) are available?

The 2020 Financial Statement (question 2.1)

4. Have these mid- to long-term stabilisation measures already been notified with EU or other antitrust bodies?

Other

Comments

We do not have any information on this.

5. Which prerequisites are necessary to qualify for a programme?

At the moment, there is not a clear vision of which prerequisites are necessary to qualify for a programme.

6. Are there any major reasons that may inhibit an applicant from successfully applying for a stabilisation measure?

Other 

Comments

We do not have any information on this.

7. In an international context, are subsidiaries and branches of foreign parent/holding companies eligible to apply? For EU-States: Also for non-EU-third countries?

Other

Comments

There is no regulation on this yet.

8. Do your country’s stabilisation schemes foresee restrictions on use of cash/other restrictions?

Other 

Comments

Only verbal restrictions in the form of consultations.

9. How are insolvency application deadlines handled in times of Corona?

There are no provisions yet.

10. How far have local insolvency/restructuring laws been changed/eased which might have an impact on international businesses?

There are no provisions yet.

No

There are no measures yet.