AmCham presents EBRD’s Financial Management Enhancement Program

Prishtina, 10 September 2020 – Better management and accurate reporting of corporate finances has taken on an especially significant importance during the COVID-19 pandemic period, which has caused unprecedented disruptions to the country’s economy. This was said during a virtual forum organized by the American Chamber of Commerce in Kosovo, in cooperation with the European Bank for Reconstruction and Development (EBRD) and Ernst and Young Albania and Kosovo (EY), during which the EBRD Financial Management Enhancement Program as well as the potential support offered by Ernst and Young were presented.

Arian Asolli, Analyst at EBRD Business Advice program, highlighted the goals of this program, which include improving the capacity of local companies for financial management and reporting, in order to create facilities for direct or indirect access to EBRD loans, as well as increasing the attractiveness of businesses for domestic and foreign investors. Asolli also elaborated on the criteria that must be met by businesses for inclusion in this program, while also mentioning the ideal profile of companies this bank is looking for. He also announced that the EBRD support will be 75% of the total costs.

Emel Visha, Manager in the office of EY Kosovo and Albania for Strategies and Transactions, stressed that within this program, EY has used its structures to create the Enterprise Resiliency model, which is divided into three stages that include responding with urgency now, preparing for next and then thinking beyond, taking into account the disruptions caused by COVID-19. She emphasized the key points for business intervention where this company can provide assistance, mentioning the preparation of a business plan, liquidity forecasting and scenario analysis, as well as the preparation of the necessary documentation for processes of application for financial aid. Furthermore, Visha also spoke about the various issues that businesses are facing nowadays as well as the support that EY can provide in addressing them.

Shkëmb Gashi, Manager in the Audit Department at Ernst and Young Albania and Kosovo spoke about the current state of Kosovo’s economy, drawing parallels between the pre-pandemic situation and the current one, assessing the impact that the COVID-19 pandemic has had on business activities and the economy in general. He also highlighted one of the most primary problems entrepreneurs face today, as is the concept of going concern, adding that EY provides support through various macroeconomic analyzes, specific enterprise factors that may be affected by the pandemic and other analyzes as needed.