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[AL] Zhvillimet Ekonomike | Economy News

1M views 8K replies 317 participants last post by  Epidam47 
#1 · (Edited)
This thread will be about the latest news on Albania's developing economy. :)
 
G
#2,721 ·
IMF - International Monetary Fund : Albania: Concluding Statement of the 2012 Article IV Consultation Mission
Tirana 03/10/2012 | 06:19pm US/Eastern

Describes the preliminary findings of IMF staff at the conclusion of certain missions (official staff visits, in most cases to member countries). Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF's Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, and as part of other staff reviews of economic developments.


Since the onset of the global crisis in 2008, Albania has avoided a sharp fall in output and maintained banking system stability, thanks to a fiscal stimulus, sound monetary policy and effective macroprudential actions. Growth is now slowing and persistent macroeconomic imbalances need to be addressed. Key priorities in the period ahead are: ensuring debt sustainability, strengthening the banking system's resilience, and advancing growth-enhancing structural reforms. The mission thanks the authorities for open and constructive discussions.

1. After showing resilience over the last two years, Albania's economy is now beginning to slow down. Output fell by 0.2 percent in the first quarter of 2012 because of the impact of the Euro area crisis, weak domestic demand, and largely supply side bottlenecks related to a harsh winter. While economic activity could recover in the second half of the year, growth is expected to be sluggish in 2012-at about 0.5 percent-primarily because of continued weak consumer and business confidence, a sharp decline in credit growth, the effects of rising stock of unpaid government bills and VAT refunds, and sluggishness in Albania's main external partners, Greece and Italy. The economy will operate below potential in 2012 (of about 3.5 percent growth), but would still grow broadly in line with other countries in the region.

2. The ongoing euro area crisis will continue to create economic headwinds in the near term, and risks to the outlook are mostly to the downside. In 2013, economic growth could recover slowly to 1.3 percent, because of sluggish domestic demand and weak external environment. Inflation would remain within the central bank's 3±1 percent target range. However, if the euro area crisis were to worsen, this would further affect the outlook. Another risk to the outlook is the worsening trend of loan performance, which if not arrested, could exacerbate negative feedback to the economy. Structural impediments in the electricity sector are a source of fiscal risk, and unless dealt with urgently, could result in supply constraints, further affecting the economy.

3. Unchanged fiscal policies will not tackle underlying vulnerabilities. Public debt is elevated and fiscal financing needs are the highest in the region primarily because of high rollover-while economic rebalancing is incomplete, including a large external current account deficit that persists in double digits. Despite the attempts to control budget spending, public debt could breach the 60 percent statutory debt limit this year, and is not expected to decline much over the medium term, even if the budget registers small primary surpluses.

4. With an elevated public debt, Albania faces substantial risks. The large share of short term public debt translates to high fiscal financing risks. In the medium term, rising public debt could also hamper growth prospects by crowding out private sector credit and affecting the government's ability to finance crucial development projects.

Advancing fiscal sustainability through a credible anchor

5. With buffers depleted, new fiscal stimulus to support the weak economy is not an option; instead, fiscal consolidation is needed to lower risks from elevated debt. Setting an ambitious but feasible long term debt target to anchor fiscal policy-reducing the debt-GDP ratio to 40 percent by 2022-would strengthen the economy's resilience to shocks, while allowing for a more gradual adjustment to accommodate development needs. For 2013, the government's immediate priority should be arresting the upward trend in public debt, by committing to a budget that maintains debt-GDP ratio at around the 2012 level-an adjustment of the fiscal deficit by about 0.6 percentage points of GDP. This would strike an appropriate balance between signaling the government's commitment to debt sustainability, and limiting the adverse impact of fiscal consolidation on the weak economy, financial sector stability, and social outcomes. Fiscal prudence in the run up to elections is needed to preserve market confidence. To achieve the medium term debt target (consistent with about 53 percent debt-GDP ratio in 2017), a cumulative fiscal consolidation of about 3.1 percentage points of GDP would be needed.

6. Tax and expenditure reforms would be needed to achieve the long-term debt target while supporting growth. With large components of expenditure already pre-committed, lowering the fiscal deficit will require higher revenues over a sustained period of time. Achieving this through tax administration efforts alone will likely not suffice, and some changes in tax policy, including the income tax rates, may be needed. Yet, because the scope for additional revenues through adjusting tax rates also has limits, spending control would also be required-staff views social security reform and keeping public wage growth in line with inflation as essential. These reforms will also create fiscal space for government to undertake higher capital spending to ease infrastructure constraints and boost growth and preserve social spending targeted to the poor and vulnerable. Discontinuing the practice of programming optimistic budget revenues and then having to face budget stress once revenue outturn is lower than expected would help avoid the accumulation of unpaid bills.

7. Privatization receipts should be utilized in a balanced manner, to reduce debt and clear unpaid bills. To the extent that the natural resource wealth being privatized belongs to current and future generations of Albanians, the bulk of privatization receipts should therefore be used to retire debt, which is necessary to reduce the economy's vulnerabilities (given the high debt stock and short maturity structure), secure debt sustainability, and rebuild buffers to protect against future shocks. Given the weak state of the economy today, and the recent buildup of unpaid bills and VAT refunds, part of the receipts should also be used to clear the backlog, which will support growth in the near term.

Safeguarding monetary and banking stability

8. Monetary policy has been an anchor of macrofinancial stability, but it has limits. Albania's flexible exchange rate and inflation targeting regime have successfully maintained low and stable inflation, which, in turn, has provided the market comfort about the authorities' ability to maintain macroeconomic stability. If domestic demand were to weaken further and credit to contract, then the authorities could consider further monetary easing, provided inflation expectations remain well anchored. However, the effectiveness of such a policy would be limited by sluggish credit demand and bank risk aversion in a weak economy, and could result in exchange market pressures.

9. Despite the preponderance of European bank subsidiaries, the banking system has proved resilient, and has not required public support. The high share of European banks in the system and persistent banking troubles in Europe raise the specter of spillovers to Albania's banking system. A relatively low reliance on external funding has ameliorated the risks, while recent Bank of Albania (BoA) actions-converting foreign branches to subsidiaries, tightening capital and liquidity requirements, and enforcing prudential and provisioning limits-have also helped. Banks today have high liquidity and capital ratios.

10. Nonetheless, supervisory vigilance is essential in the period ahead. Significant unhedged foreign currency lending exposes bank balance sheets to exchange rate risk, while sizable holdings of government bonds could potentially become a source of future vulnerability if adequate measures to reduce public debt are not implemented. Stress tests should continue to guide decisions on capital and liquidity buffers. The close cooperation that BoA has established with parents banks' supervisors is key to mitigating cross-border risks.

11. The rising level of non-performing loans is a concern and requires prompt action. NPLs-mainly in trade, construction and manufacturing-have risen faster than in other countries in the region, largely because of the economic slowdown, government's nonpayment of suppliers' bills, and continued delays in collateral execution. This has affected the profitability of banks and their ability to extend credit to the economy. Concrete actions, such as easing collateral execution-allowing property prices to adjust to market forces by facilitating foreclosure sales (including, by removing the regulated price floor), increasing efficiency of private bailiff offices, and limiting inconsistent application of the law-and clearing unpaid government bills and VAT refunds would help.

Structural reforms for sustainable growth

12. Business environment weaknesses are an obstacle to investment and hence medium term growth. Continued weaknesses in the legal framework, notably in property rights and contract enforcement, continue to be major problems. Arbitrariness of tax collection undermines the effectiveness of Albania's low tax rates. Widespread informal sector employment calls for making formal employment more flexible. Improving data accuracy, particularly in national and external accounts, and timeliness will contribute toward better surveillance and policymaking.
 
G
#2,722 ·
So basically now the debt ceiling has been reached and theres not much room to maneuver should the economy enter recession next year since its largest trading partners find themselves up against the wall already and because next year is an election year even the IMF is worried that spending will increase. Tax collection is still very low though, it could be that the constraints on borrowing will force the government to become better at collecting taxes, if not they will have to raise taxes.
 
G
#2,724 ·
Thot se FMN-ja eshte pessimist... atehere parashikimet e qeverise jane teper optimiste. Sidoqoft, hapesira e parashikimeve nga .5% deri ne 3% eshte teper e madhe dhe privatizimi i ALbpetrolit nuk e ndryshoje. Ishalla perdoren parate e privatizimit per ta shlyer borxhin publik, huaja e rruges e kombit eshte me interesa te lart dhe paqeter te fshihet sa me shpejt. Borxh publike per nje vend zhvillimi si Shqiperia nuk duhet te kaloje mbi 40% e pbb kurse per momentin ajo ndodhet ne 60% dhe as gjithe ato $850 million nuk e e zvogelojn borxhin deri ne 40%. Vetem rritja ekonomike mund ta beje ate.
 
#2,725 ·
Nje vend europian ne zhvillim, i kuotuar ne Euro-BUND System, e me kapacitetin e remunerimit te huamarrjes B+ duhet ta kete Borxhin Publik 40% ?!

Hyrja ne kapital te perdoret per larjen e nje kredie per zhvillim ne saje te borxhit sovran?!

Me gjithe respektin...........te duhet te pakten nje shfletim i shpejte i Economics 1.0.1...

Sa per dy artikujt e mesiperm, nuk ka raport financiar ne bote ku klienti nuk ka pritshmeri fitimi me te larta se fondi monetar (cilido qofte). FMN shquhet si fond qe bazohet ne nje marzh sigurie shume te larte. Dhe ben mire. Por pikerisht perse ekziston gjithmone nje distance e konsiderueshme mes dy paleve ne interpretim, ekzistojne kompanite private te rating apo keshilluese per fondet e huadhenieve.

Dhe limiti i borxhit publik eshte nje vlere arbitrare indikative e vendosur nga qeveria e çdo vendi ne bashkpunim me agjensite e vleresimit qe e ka caktuar 55% limitin ideal dhe 60% ate maksimal.

Per me teper borxhi jone eshte ne masen me te madhe ne valute vendase dhe interes jo-aktiv (konstant). Maqedonia e ka borxhin e saj ne nje mase te konsiderueshme ne valuta si Franga Zvicerane, qe ka pesuar nje forcim qe shkon gati 40% rritje ne kursin e kembimit keto 5 vitet e fundit, e nese tani ka maturim te borxhit, i takon te paguaje nje shume absurde interesi...
 
#2,726 · (Edited)
Thot se FMN-ja eshte pessimist... atehere parashikimet e qeverise jane teper optimiste. Sidoqoft, hapesira e parashikimeve nga .5% deri ne 3% eshte teper e madhe dhe privatizimi i ALbpetrolit nuk e ndryshoje. Ishalla perdoren parate e privatizimit per ta shlyer borxhin publik, huaja e rruges e kombit eshte me interesa te lart dhe paqeter te fshihet sa me shpejt. Borxh publike per nje vend zhvillimi si Shqiperia nuk duhet te kaloje mbi 40% e pbb kurse per momentin ajo ndodhet ne 60% dhe as gjithe ato $850 million nuk e e zvogelojn borxhin deri ne 40%. Vetem rritja ekonomike mund ta beje ate.
Eshte 850 milion euro edhe jo dollar(1.05mlrd) . Pra eshte 7,5 % e PBB . Sikur shitja te kryhet ne 2012-en (dmthne transferimi i kapitalit nga kompania private te shteti shqiptar) shqiperia ne leter te pakten do kete nje rritje ekonomike +7,5 % e asaj qe parashikohet per kete vit . Pra nqs ishte 2 % atehere do behet 9,5 % per 2012 .

Nqs shitja kryhet ne 2013 (gje qe eshte edhe me e mundshmja ) atehere , i njejti koncept perdored . Pra shqiperia do kete 0,5 % ( sipas FMN-se qe eshte shume pesimist por nejse) + 7,5 %
= 8 % rritje ekonomike .

_________________________________________________________________

Kurse sa i perket argumentit tend qe me kete kapital shqiperia duhet te shlyej borxhet , duhet te them qe eshte komplet i gabuar .

Shtete si shqiperia vuajn per kapital , do ishte absurde shqiperia te paguaj borxhin qe ka tani me kete kapital , edhe pastaj te mirte borxhe tjeter .

Praktikisht thjesht do shtonim me shume borxhin edhe afatin e maturimit te tij... Mendoje pak thelle .

Me pak fjale shqiperia duhet te marre 1 % te PBB me pak borxhe sesa rritja e saj ekonomike nqs ajo eshte me shume se 2 % (pa llogaritur rritjen ekonomike extra nga shitja e albpetrolit) , ne kete skenar shqiperia mundet te marre 120 milion euro borxh edhe te perdore + 850 milion eurot e albpetrolit edhe borxhi publik i brendshem edhe i jashtem do uleshte me 1 %(rritja ekonomike-huammarja per 2012 % e PBB-se) . Pra do shkonte 59 % nga 60% qe eshte tani .
 
G
#2,727 ·
@AlbanPolimi, you do realize that a B+ rating means that the bonds are below investment grade and theres a reason they are called junk, right?

@Illyrian Patriot, at the moment the government of Albania is at the mercy of foreign owned banks that buy its debt. These banks collude to charge high interest rates for borrowing in local currency.

I don't see the government as the entity which should create growth, the governments responsibility is to facilitate the growth and provide a means for it. Borrowing money for increasing pensions and raising wages of civil servants is what happened to Greece. Debt is like alcohol, a little is good but too much and you'll get a hangover the next day.
 
G
#2,728 ·
A business graduate like me doesn't know what Economics 101 are and the economists at the IMF seem to be wrong... At least we wont feel lonely since we can find some comfort in The World Bank which shares our opinion. :cheers:
"Me paratë e Albpetrolit zbutet defiçiti"




Privatizimi i kompanisë Albpetrol është një mundësi e artë që Shqipëria të ulë defiçitin dhe stokun e borxhit. Kështu ka deklaruar drejtoresha rajonale për Europën Juglindore Jane Armitage, në një intervistë për zërin e Amerikës.

“Ne besojmë se privatizimi i Albpetrolit, i cili sapo u njoftua, i ofroi vendit një mundësi të jashtëzakonshme për të përdorur këto fonde, së pari dhe mbi të gjitha për të paguar disa detyrime të grumbullura me kalimin e kohës. Kjo është e vërtetë për Shqipërinë dhe për shumë vende të tjera. Është shumë e rëndësishme për sektorin privat që të paguhen detyrimet e mbledhura gjatë dy vjetëve të fundit në mënyrë që të rifinancohen dhe të shpërblehen për shërbimet e kërkuara nga qeveria. Së dyti, ky privatizim i Albpetrolit është një rast unik që duhet përdorur për të ulur deficitin dhe stokun e borxheve”, u shpreh ajo.

Për drejtoreshën rajonale të BB investimet e huaja janë të rëndësishme për Shqipërinë në një numër fushash si turizmi, bujqësia, miniera e manifaktura. Sipas saj, Shqipëria ka ecur mirë në këtë drejtim pavarësisht vështirësive që po krijon kriza ekonomike në Eurozonë. Shumica e investitorëve janë europianë dhe kanë kaq shumë pasiguri dhe rreziqe. Zonja Armitage thotë se investitorët po diskriminohen kudo dhe është shumë e vështirë në këto kushte që një vend të bëhet tërheqës për investime dhe të konkurrojë me fqinjët, sepse të gjithë duan t’i tërheqin këta investues.

“Përmirësimi i klimës së biznesit, forcimi i menaxhimit makro-ekonomik, duke nisur me reduktimin e deficitit, përmirësimi i qeverisjes; të gjitha këto janë kushtet për investime të huaja, sepse investitorët janë shumë nervozë nga diskriminimi dhe nga përballja me rreziqet kritike. Ja pse reformat janë të rëndësishme për Shqipërinë më shumë se kurrë” , vuri në dukje, Armitage.
Sipas drejtores rajonale të Bankës Botërore, ky përvjetor bashkëpunimi është një rast për të vlerësuar se Shqipëria është një histori e jashtëzakonshme suksesi nga varfëria tek zhvillimi; ajo ka arritur vitet e fundit të reduktojë ndjeshëm varfërinë, ka përmirësuar jetën e njerëzve përmes shërbimeve.

http://abcnews.al/lajme/ekonomi/5/23793
 
#2,729 ·
Albania: time to invest in Europe’s forgotten gem

Albania, once an inaccessible backwater, is open for business. Buy now, says Christopher Middleton.


Growing attraction: towns such as Sarandë are expanding thanks to tourism, and offer a tempting deal to canny buyers

Visit the Lalzit Bay development, on Albania’s Adriatic coast, and there’s not that much to see. A fenced-off building site, some half-built apartment blocks, and several miles of sandy beach.
It is the kind of scene you might have witnessed 50 years ago on the Algarve, before big-time tourism took off. And there lies its appeal for sharp-eyed property hunters.
From Sarandë in the south to Shkodra in the north, Albania is going places. In a few years, there will be a swish modern development at Lalzit Bay. It will have 500 properties, an eight-storey hotel, health club and imported palm trees from Malaysia.
Not bad, considering that 15 years ago, it was hard to imagine Albania as a country with any kind of future.
Having been ruled since the Second World War by communist dictators, the nation then descended into chaos. This was thanks to a pyramid investment-scheme craze, where half the country poured their life savings into get-rich-quick projects, then lost the lot. For much of 1997, Albania was controlled not by its government, but by gangs of armed men.

Since then, a lot has changed. Visit the capital, Tirana, and you encounter a surprisingly handsome, broad-boulevarded city. What’s more, it is connected to the coast by an efficient, fast-moving highway for all but the final 10 minutes of the 45-minute drive. Even as you read this, the last 5km (three miles) are being tamed with a layer of tarmac.
It’s easy to pop over for holidays, too: British Airways flies to Tirana five times a week. You can buy an Albanian apartment with sea view for as little as £30,000, while a pint of beer costs barely £1 and a bottle of wine in a restaurant is just £4.
On top of which, Albania has a pleasantly sunny climate. It sits on the Adriatic Sea, next to Greece and Macedonia. Tourist numbers are shooting up, too: 4.1 million last year, as against 300,000 in 2004.
There is still a fair amount of corruption, however. Forty-eight per cent of firms report the necessity of bribes. There can be complications about land ownership. It was all given back to private individuals post-communism, yet disputes still arise.
But the country’s prime minister, Sali Berisha, is prepared to offer a guarantee. “When British people come to Albania to buy property, their money is safe,” he says. “When they buy land based on official state documents, no other claim on that land will be accepted. I give full assurances on that.”
Strong words. And they mean that if you do splash out a few million lek on a villa or apartment, your investment is safe. No stray Albanian expat (and there are a million of them) will evict you for being on his great-grandfather’s land.
That said, it’s still a good idea to employ a local lawyer who knows their way around the country’s property inheritance laws. Unless specified otherwise in your will, 50 per cent of your house goes to your spouse, and the other 50 per cent is divided among the children. This includes those from any earlier marriages (your spouse’s as well as yours).
There are other things to bear in mind. Buying a new-build, you will have to pay extra for parking, air-conditioning and kitchen fittings. This is on top of the asking price.
In short, Albania is untried territory. But that hasn’t deterred Chris Esdale-Pearson, 65, a retired ship’s pilot from Harwich, who has bought a one-bedroom apartment at Lalzit Bay.
The flat measures 57 sq m, cost £54,000, and is a 30-minute drive from Tirana’s International Airport. Although the property won’t be ready until next year, along with the other first-phase buildings in the development, Chris is confident in his purchase.
“My wife Pepie and I have gone for a long-term investment in an emerging market, where we will be able to spend lovely holidays, and explore off the beaten track,” he says.
They will also be able to rent out their apartment when they are not around. There is plenty of demand. Up-market Lalzit Bay, in particular, will attract prosperous holidaymakers from Italy and Germany.
“We estimate that a two-bedroom apartment costing €70,000 (£56,600) will generate rents of €500 (£404) per week, over the peak summer months, at 75 per cent occupancy,” says Ravin Maharajah, one of the partners behind Lalzit Bay.
There’s certainly plenty of undeveloped potential in Albania, according to Kate Stinchcombe-Gillies, of rental site Holidaylettings.co.uk.
“Typical holiday apartment prices range from £285-£490 per week,” she says. “You have beautiful beaches and great nightlife, alongside Unesco heritage sites.”
Remaining undiscovered has also meant Albania has avoided the worst of the economic storms surrounding much of Europe. While the rest of us have been experiencing the double-dip, Albania has prospered.
“We did not feel the recession – in fact, our economy grew,” adds Prime Minister Berisha, with a twinkle in his eye. “Not bad for a nation which was once the second poorest in the world.”
Clearly, Albania’s undiscovered days are numbered. For canny investors, now could be the time to strike.
What you need to be aware of when you’re buying in Albania:
• Who owns the land? Make sure the person selling you the property is the bona fide owner of the land.
• Beware of forged title deeds Hire an independent lawyer, who knows their way around the country’s property law. Some 15 per cent of properties do not have State-authenticated deeds.
• It’s safer to buy new Especially in a remote region, where historical ownership may be hard to prove. There is much less risk of this in a big city.
• Get assurances in writing from developers Even if you’re buying into a big scheme, check they own the land on which they are building.
• How high is your home? New buildings of more than four storeys are illegal in much of rural and coastal Albania.

http://www.telegraph.co.uk/property/9579313/Albania-time-to-invest-in-Europes-forgotten-gem.html
 
#2,734 ·
Ekonomia shqiptare vijon rritjen

ISTAT: Rritja më e lartë se një vit më parë dhe se tremujori i mëparshëm


Tremujori i dytë i vitit ka rezultuar me një rritje pozitive të ekonomisë në vend. Instituti i Statistikave ka publikuar shifrat e tremujorit të dytë të vitit ku vërehet kthesa në pozitiv e ecurisë së sektorëve të ndryshëm të ekonomisë. Në periudhën prill-qershor ekonomia ka shënuar një ecuri shumë më të lartë se njw vit mw parw dhe se tremujori i mëparshëm. Kështu sipas INSTAT krahasuar me tremujorin e dytë të vitit 2011 rritja ekonomike në prill-qershor rezulton në 2,1%, ndërsa krahasuar me një tremujor më parë rritja rezulton më gati 1%.
Performancën më pozitive në tremujorin e dytë e ka dhënë sektori i post-telekomunikacioneve me 9.9%, i ndjekur nga industria me 6.4%, shërbimet e bujqësia me 5.6% dhe tregtia me 5.1%.
Sektorët si tregtia dhe bujqësia kanë ruajtur rritje pozitive gjatë dy tremujorëve radhazi, ndërsa sektorët që e kanë përmbysur tendencën negative të tremujorit të parë janë industria dhe post-telekomunikacionet. Kthesa e këtyre sektorëve rrit shpresat për një efekt më të përmbajtur të krizës në ekonomi dhe ruajtjen e rritjes pozitive edhe gjatë këtij viti.
Sipas Instat, të vetmit sektorë me rënie në tremujorin e dytë ishin ndërtimi dhe transporti. Ndërtimi regjistroi një tjetër rënie me 18.4%, ndërkohë që sektori i transporteve regjistroi një rënie të konsiderueshme me 7%.
Të dhënat zyrtare statistikore për tremujorin e dytë, që konfirmojnë një rritje të ekonomisë me 2,1% përmbysin kështu parashikimet e FMN dhe të BB. Parashikimet e FMN-së për ekonominë tonë gjatë këtij viti shkojnë vetëm deri në 0,5%, ndërsa ato të BB me 1%. Ndërkohë që qeveria ka parashikuar një rritje të ekonomisë në nivel më të lartë deri në 3% për këtë vit.

http://abcnews.al/lajme/ekonomi/5/24071
 
#2,740 ·
Si eshte Puna me Mc Donalds, Ikea etj.?

Keta Firma mund te bejne shum vende pune.......
MC Donalds me nje parashikim shume te thjeshte financiar, del totalisht jashte tregut ne Shqiperi. Parimi i MC Donalds eshte te ofroje extra-junk-food me çmime qe per shqiperine do te ishin relativisht te larta, duke pasur parasysh qe me nje çmim 100-300 Lek mund te ushqehesh shume mire ne fast food-ed tona me kuzhine shqiptare apo greke. Nuk besoj se Mc Donalds mund te ofroje te njejtin menu me çmime shume me te uleta se ne Europe, e njekohesisht nuk besoj do te kishte marzh te madh bleresish te nje Mc Menu per 5-6€, qe do te thote 700-800 Lek te reja (per buk e vaj e patate).

Kurse IKEA operon ndryshe, ofron produkte me sasi te madhe duke mbajtur çmimin sa me te ulet. Por duke qene se tregu shqiptar nuk e di sa klientele mund te ofroje, plus duke pare fundit e Merkator......nuk besoj se edhe ata mund te kishin ndonje interes per kete lloj ekspansioni...
 
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