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The IMF is suggesting Bulgarian authorities prioritize maintaining confidence in the country's banking system, which it describes as "well-capitalized, liquid and highly profitable." Photo by popular-pics.com
The International Monetary Fund (IMF) has stated that Bulgaria is in a dangerous position because of its reliance on foreign capital.
"The Bulgarian economy is coming off an investment and consumption boom as its reliance on foreign capital places it in a vulnerable position," the IMF said late Tuesday.
"The country's capital-inflows-driven boom has come to an end," the IMF said in a report issued after an annual review of Bulgaria's economic performance. "The real economy is slowing down."
Still, Bulgaria closed 2008 as one of the fastest-growing countries in Europe, reporting an estimated 6% gross domestic product gain for the year, Dow Jones reported.
The IMF is suggesting Bulgarian authorities prioritize maintaining confidence in the country's banking system, which it describes as "well-capitalized, liquid and highly profitable."
"A severe recession could cause nonperforming loans to increase and bank capital to erode," the IMF concluded.
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