Bulgaria Forecasts 52% GDP-Foreign Debt Ratio till End-2003

Business | January 18, 2003, Saturday // 00:00

Bulgaria's Finance Minister Milen Velchev expects that the country's GDP - foreign debt ratio will drop to 52 percent till the end of 2003. He forecasts that this trend will continue over 2004 when the ratio will reach 50 percent.

Velchev stated he was "pleasantly surprised" about the speed with which Bulgaria's foreign debt shrinks. "A year ago we hoped that this ratio will go down to 60 percent which is hardly meeting the Maastricht criteria," he pointed out.

Recently, the EuroWeek newspaper awarded Bulgaria for best foreign debt management transaction. Preliminary data for 2002 set foreign debt at 56% of GDP against the projected 59% to 60%. At the beginning of the Cabinet's mandate the ratio was 75%. Independent financial experts, bankers, investors named the country with the best transaction in line with its debt management strategy. EuroWeek awards the best deal for the year in various categories. Last year the Bulgarian Finance Ministry carried out two transactions for swapping a part of the Bulgarian foreign debt in eurobonds and dollar-denominated bonds.

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