`The European Union will grant EUR 300 M per year in pre-accession support to Bulgaria, which is equivalent to about 2.5% of Bulgaria`s GDP. This is one of the highest-level supports for any of the candidate countries`, Michael Leigh, EU Chief Negotiator with Bulgaria and Euro Commission Director for the country, said Monday after meeting with Finance Minister Milen Velchev. `We are determined that we are going to use this money as efficiently as possible to back up the efforts of the government to accelerate the reform process`, Leigh added. `This year some EUR 100 M will be extended under the PHARE Programme, which will in fact be increased to some extent, maybe to EUR 113 M or EUR 115 M. And then, if you add the sums to be extended for agriculture and rural development under the SAPARD Programme, and assistance for improvements to transport and the environment, as well as our support for the work on the closure of the nuclear power plant, this brings the total up to EUR 300 M for 2001. We have also loans, available through the European Investment Bank, so there are credits as well as grant assistance, which is non-reimbursable, grant support. We came here in order to make a first contact with the new. One of my main messages is that the likely date for Bulgaria`s accession will be determined first and foremost by the pace of the reform process here in the country`, he said. Minister Velchev said the meeting focused on key priority issues, which Bulgaria has to address if it wishes to get a better assessment in the next European Commission report, which is expected to be published on November 13. Among current priorities Velchev listed changes in the law on banks, and in the regulatory documents pertaining to the bankruptcy of companies. He also stressed the need for reforms in the judiciary system and, `last but not least, the problem of corruption`. `Companies` access to loans should be eased, and banking activities should be decriminalized. We have to be ready with the changes by the end of October, or at least we should have a concrete action plan`, Velchev added.

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