site.btaEuropean Commission Assesses Positively Bulgaria's Progress in Addressing Country-specific Recommendations for 2015

European Commission Assesses Positively Bulgaria's Progress in Addressing Country-specific Recommendations for 2015

Sofia, May 18 (BTA) - On Wednesday the European Commission published its 2016 European Semester country-specific recommendations (CSRs), setting out its economic policy guidance for individual Member States for the next 12 to 18 months, the Bulgarian Finance Ministry said in a press release.

In its CSRs about Bulgaria, the EC assesses positively the progress Bulgaria has made in addressing the CSRs for 2015. In the 2016 CSRs Bulgaria is recommended to take action to:

1. Achieve an annual fiscal adjustment of 0.5% of GDP towards the medium-term budgetary objective in 2016 and in 2017. Further improve tax collection and take measures to reduce the extent of the informal economy, including undeclared work.
2. By the end of 2016, finalize the asset quality review and stress test of the banks. By the end of 2016, complete the balance-sheet review and stress test of the insurance companies and the review of private pension funds' assets. Take the necessary follow-up actions in all three sectors and continue to improve banking and non-banking supervision.
3. Reinforce and integrate social services and active labour market policies, in particular for the long-term unemployed and young people not in employment, education or training. Increase the provision of quality education for disadvantaged groups, including Roma. Improve the efficiency of the health system by improving access and funding, and health outcomes. In consultation with social partners establish guidelines and criteria for setting the minimum wage. Increase the coverage and adequacy of the minimum income scheme.
4. Reform the insolvency framework to accelerate recovery and resolution procedures and improve their effectiveness and transparency. Increase the capacity of the courts regarding insolvency procedures. Strengthen the capacity of the Public Procurement Agency and contracting authorities and improve the design and control of public tendering procedures. Speed up the introduction of e-procurement.