Bulgaria Celebrates Two Spelling Bee Champions!
Bulgaria has crowned not one, but two Spelling Bee champions this year
The International Monetary Fund (IMF) has revised its estimates of short-term debt refinancing needs for Bulgaria after admitting making a serious mistake.
After reviewing mistakes in the calculation of external debt refinancing requirements in the April Global Financial Stability Report, the IMF has revised its forecast for 2009 to 132% of reserves from 188% for Bulgaria.
They also revised forecasts to 101% from 171% for Hungary; to 204% from 425% for Lithuania; to 141% from 169% for Poland; and to 119% from 84% for Chile, the Wall Street Journal reported.
The IMF has also changed some initial revisions made earlier in the month, when some of the mistakes were first brought to its attention. Estonia' external financing needs for this year are now estimated at 346%, instead of the 210% initially projected, while Ukraine was reduced to 117% from 208%.
The earlier revision to the Czech Republic debt-to-reserves ratio, to 89% from 236%, still stands.
The IMF sees any level above 100% of reserves as a potential concern. The fund added that it was now reviewing "how the errors occurred" and would "amend the IMF's internal procedures according to the lessons learned".
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