IMF CALLS FOR MUTUALLY ACCEPTABLE TAXES TO BE FIXED

Views on BG | February 19, 2002, Tuesday // 00:00

The inflation rate for January was unexpectedly high, Piritta Sorsa, Head of the Bulgarian mission of the International Monetary Fund (IMF), said. According to her it is still early to say to what an extent the increased patent tax accounted for that high figure.

Piritta Sorsa recommended that a research should be conducted on the effect on those who will suffer most from the increase. She conceded that the taxes may be too high for Bulgaria’s standard, but underlined that this is one of the ways for revenues to go to the budget. She urged that mutually acceptable taxes are fixed.

“The stand-by agreement with the International Monetary Fund, which most probably will be discussed with the Cabinet end-month, includes the parameters discussed in December, “ she said. The main part of the agreement is the macroeconomic framework, which envisages a 4,5% growth and fixes inflation rate at 3,5% - 4,5 % on average. Budget 2002 was adopted almost as it was agreed with IMF in December, Piritta Sorsa said. She pointed out that Bulgaria’s foreign debt decrease, but is still to large. According to her the high interest rates imposed on floating debt poses one of the most serious threats to the country.

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