The Albanian government is confident that the country's economy will remain largely unaffected by the global economic crisis, it has been claimed.

According to albanianeconomynews.com, Genc Ruli, Albania's economy minister, is confident that the credit crunch will have a minimal impact on the south-eastern European state.

As such, property investors may choose to look to Albania as a viable location for property investment.

However, Mr Ruli has conceded that increasing costs have forced the postponement of a €300 million denominated bonds issue.

"We have projected to issue bonds in hard currency for a total of €300 million, but we will wait for better times," he told the news provider.

Mr Ruli's outlook was echoed by the International Monetary Fund and the Bank of Albania, although the two bodies warned that caution was still advisable.

"Albania's still limited integration into global markets currently provides an important buffer, but the economy is not immune," a statement read.

The Republic of Albania shares a border with Greece, Montenegro, Kosovo and the Republic of Macedonia, and is also close to Italy.

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