Bulgaria: Fourth Review Under the Stand-By Arrangement, Requests for Waiver of Applicability of Performance Criteria and Waiver of Nonobservance of Performance Criterion, and Request for Extension of the Arrangement

February 12, 2004

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Bulgaria: Fourth Review Under the Stand-By Arrangement, Requests for Waiver of Applicability of Performance Criteria and Waiver of Nonobservance of Performance Criterion, and Request for Extension of the Arrangement, (USA: International Monetary Fund, 2004) accessed December 21, 2024

Summary

Bulgaria's macroeconomic performance in the face of the prolonged slowdown in the EU has been impressive, but risks have intensified. The response of fiscal policy to these risks has been adequate. Plans to increase reliance on state enterprises to carry out public sector activities are worrying. The government has taken the right approach to addressing the rapid growth in private sector credit. Bulgaria has made good progress on its structural reform agenda, but an intensified effort is required to help deal with greater macroeconomic risks.

Subject: Balance of payments, Credit, Current account, Current account deficits, External debt, Fiscal policy, Fiscal stance, Public debt

Keywords: BTC, Clearance operation, CR, Current account, Current account deficits, December inflation, Disbursement of SDR, Eastern Europe, Executive board discussion, Fiscal stance, Global, ISCR, Telecommunications company

Publication Details

Pages:

81
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2004/035
Stock No:

1BGREA0012004
ISBN:

9781451804386
ISSN:

1934-7685

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