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Kristalina Georgieva: Bulgaria Needs Reforms

Politics » DOMESTIC | October 10, 2010, Sunday // 10:26

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Bulgaria: Kristalina Georgieva: Bulgaria Needs Reforms

The Bulgarian EU Commissioner, Kristalina Georgieva, has stated the country's need of pension reform. Photo by BGNES

Bulgarian EU Commissioner Kristalina Georgieva has expressed hope that the Bulgarian government will take the necessary measures for increasing the competitiveness of its economy.

Georgieva told the Bulgarian National Radio that reforms in the state retirement pension system were necessary.

"The pension system is not able to stand on its feet, financially speaking, and the nation is aging. If we leave this problem for the future, we would not create incentives for the most effective use of the country's human resource," she said.

She has also explained that the world is currently in a period of "economic uncertainty" and it is important to use the limited budgets for stimulating the private sector and the new job positions.

Bulgaria's EU Commissioner, who is the former Vice President of the World Bank, also commented on the message of the annual meeting of the International Monetary Fund (IMF) and the World Bank, which is ongoing in Washington, DC.

"If we have a restrictive fiscal policy, which does not create new job positions, the debt is being reduced only in the short-run. But in the long-run, it is increasing because the economy does not grow," she said.

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