IMF Mission Starts Visit to Bulgaria

Business » FINANCE | March 4, 2015, Wednesday // 17:36
Bulgaria: IMF Mission Starts Visit to Bulgaria File photo EPA/BGNES

A regular IMF Article IV mission starts a ten-day visit to Bulgaria on Wednesday to discuss key short-term and medium-term macroeconomic forecasts and assumptions, the Finance Ministry has said.

The mission headed by Mrs. Michele Shannon will also discuss the government’s policies for ensuring macroeconomic growth and economic recovery drivers, the ministry said in a statement.

The IMF experts will be having meetings with Finance Minister Vladislav Goranov, Deputy Ministers Karina Karaivanova and Kiril Ananiev as well as representatives of Bulgaria’s central bank BNB.

The staff visit is the first by an IMF mission since the start of the banking crisis with Corporate Commercial Bank, or KTB, in June last year. It also comes shortly after Bulgaria’s parliament approved a BGN 16 B borrowing programme of the government.

The IMF mission completed its previous staff visit on 12 June 2014, just days before the BNB seized control of KTB following a bank run.

The mission concluded back then that “While credit growth remains low, the system is stable and liquid, with banks’ non-performing loans buffered by provisions and significant capital, as well as a positive net foreign asset position.”

 

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Tags: Bulgaria, IMF, staff visit, Article IV, Michele Shannon, KTB, BNB

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