Ministry of Finances and Economy (Albania)

It is one of the first departments created immediately after the independence of the Albania as part of the Provisional Government of Ismail Qemali formed on 5 December 1912.

With the start of the Second Balkan War and the separatist rebellions of Essad Pasha Toptani, the Great Powers offered the crown of Albania to Prince Wilhelm of Wied, which he accepted on 7 March 1914.

[3] During this time, he restored stability in the country, as well as enabled the signing of important economic, political, and military agreements that strengthened the position of Albania.

He also used the granting of foreign capital concessions as a means of securing income for the regime, in the form of loans and rents, which was later thought of as a way out of the economic crisis.

[5] The main feature of this period is the conclusion of agreements between the government of Tirana and Italian financial groups to invest in the country.

Thus, in 1925 between the Albanian government of that time and the Italian financial group was signed the loan agreement of S.V.E.A where 96.4% of it was used by the Ministry of Public Works for road construction.

Many Italian, English, French and American companies began to be present in the Albanian economy through concession agreements or direct investments.

[7][8] During the period 1925-1926, 23% of the territory of Albania was included in the concessions granted to foreign capital by the governments of Zog presidency.

It was exactly this year when the first signs of this crisis were seen, mainly in the monetary and financial system of the country, but they became more sensitive in 1930 and reached their peak in 1934-1935.

[11] To mitigate the effects of the crisis of the continuous budget deficit and financial difficulties that were evidenced in many areas and sectors, many loans and credits were taken from Western countries, mostly from Italy.

Abdi Toptani served as the first Minister of Finances (1912–1914)