site.btaFinance Minister Vassilev, IMF Managing Director Georgieva Discuss Bulgaria's Readiness for Eurozone Entry

Conferring in Washington, D.C. on Tuesday, Bulgarian Finance Minister Assen Vassilev and International Monetary Fund (IMF) Managing Director Kristalina Georgieva discussed Bulgaria's readiness to join the eurozone, Vassilev's Ministry said in a press release on Wednesday.

The two discussed all aspects of the country's preparations to enter the euro area, including the technical readiness of the financial sector, of the banks and of the administration and the launch of a public awareness campaign. 

Regarding the fulfilment of the technical criteria for membership, Vassilev pointed out that with a 22% debt/GDP ratio, Bulgaria ranks as the EU Member State with the lowest debt level. The budget deficit for 2023 was 2.2% of GDP, and the deficit planned in the 2024 budget is up to 3%, which is in full compliance with the Maastricht criteria. At this point, inflation is the only reference benchmark that Bulgaria does not meet.

The Finance Minister familiarized the IMF Managing Director with measures taken by the Government to contain inflation. He confirmed that January 1, 2025 remains a target date for the euro changeover in Bulgaria.

Global and regional financial and economic issues were also on the agenda of the meeting.