The Bank collects 148 million lek FINANCE / Comments after the first auction of securities TIRANË — The auction for the sale of treasury bills issued by the Ministry of Finance has concluded in one of the premises of the Bank of Albania. An offer of treasury bills worth 200 million lek was met with demand of 217 million and 300 thousand lek from the entities taking part in the auction. And it was the mechanism for selecting the interest offered by these participants — for competitive bids — that determined the value of the amount of treasury bills to be issued by the Ministry of Finance: 148 million and 525 thousand lek. According to specialists, the significance of this auction cannot be measured simply by the number of participants or the total value of the bills issued. It appears to be much greater. For the first time in Albania, one of the money-market instruments has come into use: the treasury bill. The advantages it offers both to the Government and to its buyers are evident. The Government will have a new monetary-policy tool at its disposal which — gradually — will support indirect control of the money supply in circulation. In addition, the issuance of treasury bills is one of the most efficient ways — proven and tested by the experience of other countries — to finance the budget deficit without the need to issue new banknotes, which is accompanied by inflation. It will be precisely treasury bills that will further reactivate the effective circulation of the money supply. The benefits for buyers of treasury bills are also evident. The discount rate on the bills sold — a discount to be realized after three months — ranges from 19.75 percent to 12.05 percent. Put more simply, the average interest earned by buyers of the bills at maturity will be 16 percent. So the profit margin is higher compared with the annual interest on 3-month deposits offered by various banks, which specifically ranges from 8 to 12 percent. There is no doubt that the interest gained from the discounting of treasury bills is unmatched; it is lower than that obtained — up to 60 percent — from money circulating on the black market. But for such returns, banks have an advantage. Their level of security is 100 percent — they are guaranteed by the state — whereas in the black money market, that percentage represents the degree of risk of losing it. The auction just held will be followed in a month by another auction of this type. Specialists are convinced that the participants this time — besides the Savings Bank, the Agricultural Commercial Bank, the National Commercial Bank, INSG and several individuals — will be more numerous. After that, it is planned that such auctions will be held regularly every two weeks. But that is not all. The projects foresee that in the future other money-market and treasury instruments or bonds with a maturity of several years will also be issued. View from the Treasury-Bill Auction Andrea Stefani

TIRANË — It will be the meeting of the Council of Foreign Ministers of the European Community that will decide on the loan approved some time ago for Albania — 35 million ECU for the purchase of sausages, which has been vetoed twice by Greece. The reason for this decision — according to sources in Brussels — is the fact that Greece's stubborn stance is now being seen as a political reaction because of its relations with Albania. Even at its latest meeting on Monday, ECOFIN, the Council of Finance Ministers, postponed this issue again. Ra. Ko.

In Gjirokastër alone, 250 hectares at risk Destructive insects are causing damage GJIROKASTËR — Locust alarm in southern Albania. Dozens of hectares of land in many districts have been overrun by colonies of these insects that destroy agricultural production. The greatest damage has been caused in Përmet and Vlorë, and to a lesser extent in Sarandë, Gjirokastër and Tepelenë. Numerous teams of people are now engaged in efforts to withstand this invasion with various chemical preparations. In Gjirokastër alone, areas hit by the Egyptian and Italian locust cover about 250 hectares, for which 15 quintals of Sevin have been urgently sent. More than 200 people — not including the workers meanwhile disinfecting the areas of Libohovë, Lazarat, Zagori and Vrisera. Around 40 quintals of chemicals have been used so far to fight and eliminate the damage caused by this insect. The Directorate of Agriculture and the agrarian market speak with concern. “However, delays in sending the funds create problems,” Jani Rafi, director of the Directorate of Agriculture in Gjirokastër, tells Gazeta Shqiptare — it has delayed the effectiveness of the treatment and the efficiency of the fight against the locust. What looks like a dense cloud is, in reality, a swarm of locusts

Reform in “green” education TIRANË — More than 350 agricultural schools, which had been operating for years under the old model, are being “removed” from the list of agricultural schools. But cooperation between the Ministry of Education and the American school in Thessaloniki, Greece, has also led to the restructuring of school programs for these special categories of the education system, in order to open 22 agricultural-profile schools throughout Albania. In this framework — at the Agricultural University of Kamëz — a several-month course has now been opened for the training of specialist teachers for these agricultural schools, which exist scattered across almost all of Albanian territory. In order to reach the opening of this important course for agricultural-profile schools, opportunities had previously been explored for a “training” of some of the best Albanian lecturers in this field. They are Përrit Rama, Pirro Veli, Fatmir Allmuça, Melka Marku and Miranda Shupo, lecturers who specialized for about 3-4 months in Ireland and Greece. These lecturers and specialists are now involved, together with their own teachers, in preparing Albanian specialist teachers, who for the first time in 50 years have the chance to complete a professional teaching course. As confirmed by the Agricultural University of Kamëz, a great contribution to the restructuring of the Albanian agricultural school has also been made by the distinguished American professor Bruce M. Zandlo. Meanwhile, it will be precisely this American professor — who will arrive in the Albanian capital in the summer — who will give several lectures in open courses at the only Agricultural University in Albania. According to sources close to Professor Zandlo — during his visit to Tiranë — a number of meetings have also been arranged for him, including with top Albanian state authorities. (J.Ra.)

KUKËS, TWO DEAD AS A RESULT OF A CAR ACCIDENT — The tragic toll of a car accident that occurred in Kukës. Two people lost their lives when the car they were traveling in was damaged. The incident was verified near Kolsh Bridge, where the vehicle, a “Mercedes Benz,” veered off the road and fell into part of the Fierza lake. The driver of the vehicle, who survived the accident, was detained by law-enforcement forces. QUICK DECLINE: DIPLOMAS FROM THE AGRICULTURAL UNIVERSITY WILL BE EQUIVALENT TO THOSE OF THE POLYTECHNIC — According to the diploma issued by the Agricultural University in Tiranë, they will be equivalent to those of the universities. In its latest meeting, the Government approved — at the request of the Rectorate of this university — the draft decision for aligning the diplomas of this institution with those of the Polytechnic. GJIROKASTËR, TREES ON THE EDGE OF THE CHASM AVERT THE TRAGEDY OF AN ACCIDENT — It was only a few seconds away from a life-saving chasm for the three people in a vehicle that ended up on the Gjirokastër-Sarandë national road. According to local police, the vehicle with Greek plates was stopped by trees and did not suffer major damage. ELBASAN, DISPUTE IN THE GREEK-ALBANIAN JOINT ENTERPRISE OF SAN, ASHKAT — Dispute between partners in the Greek-Albanian joint enterprise “Kaoc-Elbasan.” The reason was the Greek side’s failure to respect the contract, as it still has not deposited its share of the capital — both for circulation — in the bank and has not put the equipment into operation, although under the same contract it had received the start of its utilization.

— Yellow gold has now also become an attractive target for smuggling. The Financial Police of Tiranë has seized 1,152 grams of gold from the company “IRVA” sh.p.k. The reason for this — according to official sources — is that the aforementioned company had declared an import as being worth an amount of gold imported in the form of jewelry. This violation forced the police to make the seizure of the jewelry, which, instead of embellishing the shop window or the appearance of potential buyers, ended up being locked away in the vaults of the Bank of Albania. (An.)

3.5 million dollars needed for restructuring Risk from the worn-out network ELBASAN — Built back in 1958, the water-supply network for the city of Elbasan no longer meets any technical standards for use. It is the latest assessment by the directors of the water utility and the Municipality of Elbasan, who confirm to Gazeta Shqiptare that 20 percent of this worn-out network — or about 110 kilometers — needs urgent intervention. But it is not only the pipes of the deteriorated network that are involved. In the upper part of one of the city’s neighborhoods in Elbasan, they are being “disappeared” through a network built — by order of the 92 — from a government project on “wastewater.” A project that, according to Haxhi Qini, chief engineer of the water utility, is worth it and is intended to address the city’s problems for another 50 years. However, to put it into use, the existing worn-out network must be repaired and several necessary measuring devices must be installed. The amount needed at the moment from the World Bank, to leave this abuse with 19 million lek, and these new water pipelines for the villages. (Me.K.)

Cursory reality KAVAJË — A very interesting project for tourism in Albania is starting. This time, however, the initiative belongs to the village. There are about 10 young boys aged between 15 and 20 who will have the opportunity to train in a short course school in Kavajë. It concerns a school for cooking, nursing and service in this profession, and also serves agriculture and livestock, with which those in this field will be involved. This school was initiated a month ago and is now being run with the help of an internship with instructors from Denmark. ... here and in Albania as well as the Albanian Minister of Education, Telli — with this important tourist area — what is fully confirmed is the possible beginning of the new school in Golem. The Government will invest a considerable amount of 70 million dollars for this school, while this may also serve to complete it with the most modern equipment for this environment. According to the director of the Labour Prefecture for the district of Kavajë, Naim Dedej, this school will need young people not only from the city of Kavajë, but from all over Albania. (Qe.Ca.) Golem beach

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