TIRANA, Jan. 22 (Xinhua) -- Albania's public debt level fell to 71.5 percent of GDP in 2017 from 72.4 percent of GDP at the end of 2016, data of the Ministry of Finance and Economy here showed Monday.

In 2015, the Albanian government initiated a consolidated path of reducing public debt, noting that there would be no withdrawal from its commitment to fiscal consolidation.

The government plan aims to reduce public debt to 63 percent by the end of 2020, according to finance ministry's mid-term debt management strategy for 2018-2020.

Head of Albanian public finances Arben Ahmetaj said during this three-year period, it is anticipated that there will be an additional foreign financing in the form of commercial loans or through entering international markets with eurobonds.

This additional funding is deemed necessary by authorities here to reduce the pressure on the domestic market.

According to the strategy, the domestic market will continue to be the main source of funding in the period 2018-2020 and will cover gross terms on average over 75 percent of the general needs of central government for loans.