Bulgaria's Finance Minister Simeon Djankov has announced that the country will not be taking a loan from IMF.

“The country does not need to take a loan for now. We have assessed the options for this year and for next year and we have decided that for now a loan is unnecessary,” Djankov said Friday at a Parliamentary meeting.

The minister explained that BGN 38 M has come out between the first and second reading of the central budget. He said they will be given to the small municipalities and added that another BGN 26 M will be given for medicines.

“Thus, we all have less and we have to comply with that. I, as a finance minister, am doing what I can in order to protect the financial stability,” Djankov said.

Earlier on Friday, Ivan Kostov, leader of the Bulgarian right-wing Democrats for Strong Bulgaria (DSB) party, told the Bulgarian private TV channel bTV that he had informed Prime Minister, Boyko Borisov, and Finance Minister, Simeon Djankov, about his idea for a loan from IMF.

Kostov added that the Bulgarian EU Commissioner, Kristalina Georgieva, who is known as a top World Bank expert, had also been present at the meeting and all three agreed Bulgaria should apply for a loan from the International Monetary Fund, but not until 2011.

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