Bulgaria will tackle the red tape that hinders businesses in the country with a new law, whose draft will be ready in October, deputy finance minister Lyubomir Datsov said on Thursday.

Excessive red tape is one of the main criticisms levelled by the European Commission (EC) regarding Bulgaria's implementation of Lisbon Strategy reforms.

Last month, the EC told Bulgaria to tighten up its administration and improve the quality of its labour force in order to achieve the goals set out in the Lisbon Strategy for economic and social sustainability.

The Commission also recommended Bulgaria to speed up efforts to cut red tape and shorten procedural delays in order to improve the business environment, which it believes would help in its fight against corruption.

Datsov, who is Bulgaria's coordinator for the implementation of the strategy, said the country's cabinet will send its updated reform plan to the EC by end-April.

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