IMF Staff Country Reports

Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement

April 18, 2000

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Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement, (USA: International Monetary Fund, 2000) accessed December 23, 2024

Summary

In 1999, Executive Board deliberations on Bulgaria focused on the need for the authorities to persevere with structural reform. Under the currency board arrangement introduced in mid-1997, Bulgaria has achieved macroeconomic stabilization and made substantial progress in structural reform. Banking supervision has improved markedly. Executive Directors stressed the importance of wage moderation and flexible labor markets for maintaining competitiveness and reducing unemployment. The emerging private sector also faces many obstacles, including burdensome bureaucracy and red tape, weak governance, and a banking system hesitant to extend credit.

Subject: Balance of payments, Banking, Budget planning and preparation, Current account deficits, External debt, Fiscal policy, Macrostructural analysis, Public financial management (PFM), Structural reforms

Keywords: Authorities aim, Budget planning and preparation, Bulgarian authorities, CR, Current account deficits, District heating sector, Enterprise, Europe, Global, Government, Government decision, Government's commitment, ISCR, Policy, Policy implementation, Structural reforms, Western Europe

Publication Details

  • Pages:

    113

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2000/053

  • Stock No:

    1BGREA0012000

  • ISBN:

    9781451804348

  • ISSN:

    1934-7685

Notes

Included with the Staff Report are the text of Public Information Notice No. 00/32 and a statement by J. de Beaufort Wijnholds, Executive Director, on March 31, 2000.

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