Bulgaria is at one of the leading positions in Central and Eastern Europe in macroeconomic stability, but needs reforms, said Guillermo Tolosa, the IMF representative to Bulgaria and Romania, quoted by the BTA wire service.

“There is enough proof for the close relation between reforms and convergence, even if the effect of the reforms is not immediately visible,” Tolosa said.

Tolosa and James Roaf, IMF Senior Regional Resident Representative for Central and Eastern Europe presented in Sofia IMF's publication “25 Years of Transition: Post-Communist Europe and the IMF”.

During the presentation Roaf, who was IMF Resident Representative in Bulgaria  in the early 2000's, noted that the CEE countries who made serious structural reforms in the 1990's had already recovered and their economies are developing faster.

“It is apparent that those countries who made reforms earlier and were braver, are rewarded with faster recovery and the average income there is already catching up with that of the western countries,” Roaf said.

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