site.btaWorld Bank, IMF Praise Bulgaria's Fiscal Policy, Speedier Economic Growth

World Bank, IMF Praise Bulgaria's Fiscal Policy, Speedier Economic Growth

Washington/Sofia, October 8 (BTA) - Bulgaria has received high marks for its fiscal policy and fast economic growth in the past 18 months by the World Bank (WB) and the International Monetary Fund (IMF) during the board meetings of the two institutions in Washington.

Finance Minister Vladislav Goranov, Bulgarian National Bank Governor Dimiter Radev, Deputy Finance Minister Marinela Petrova and Bulgarian National Bank Deputy Governor Dimiter Kostov participated in the opening plenary session of the board meetings of the World Bank and IMF and a series of working meetings at the headquarters of the two institutions.

WB Vice President Cyril Muller said that Bulgaria is among the countries with the best macroeconomic indicators in Eastern Europe. He said that the WB was pleased with the successful review of the assets of Bulgarian banks and the subsequent stress tests. Muller and Goranov discussed the condition of public finances, the shrinking deficit and the expectations of the Bulgarian government for the development of the economy in the next three years. Goranov and Muller discussed projects in the field of energy efficiency in which Bulgaria and the World Bank Group could partner.

Meeting with IMF Deputy Managing Director Mitsuhiro Furusawa, Goranov outlined the government's measures against the informal economy, contraband and corruption, which have boosted budget revenues significantly in the past 18 months. Furusawa noted the stability of the Bulgarian financial system, which will ensure sustainable growth in the midterm.

Goranov met with the IMF European Department head Poul Thomsen to discuss the budgeting priorities of the Bulgarian government. Goranov said that government will set aside 223 million leva more for education to fight the demographic crises, lack of qualified labour and the risks for slower growth. He also outlined measures to improve Bulgaria's pension and healthcare system,

Goranov and Radev attended a meeting of Bulgaria's constituency group at the WB and the IMF. Meeting with the Group's Executive Director Frank Heemskerk, Goranov presented the factors driving Bulgaria's economic growth and the government's budgetary plans for 2017. Heemskerk said that the World Bank will continue to support Bulgaria's efforts to achieve a balanced budget and improve budget expenditures.