IMF Revises Bulgarian Economic Growth Assessment to 3% of GDP

Business | September 15, 2016, Thursday // 15:01
Bulgaria: IMF Revises Bulgarian Economic Growth Assessment to 3% of GDP BGNES

The International Monetary Fund has revised its assessment on economic growth in Bulgaria to 3% of GDP from an initially forecast 2.3% shrinkage, stated the head of the regular mission of the fund to Bulgaria Reza Baqir at a meeting with PM Borissov.

Baqir expressed the satisfaction of the fund’s experts with the evaluation of bank assets in Bulgaria and the stress tests of commercial banks carried out in the country. In his opinion, the results of the procedure show that the Bulgarian banking system is stable and secure, while the institutions involved in regulations and the supervision of banks operate in accordance with the highest international professional criteria.

On his part, PM Borissov pointed out that, after the banking crisis of 2014, the government not only provided the means for overcoming the consequences of the bankruptcy of the fourth largest bank in the country, but also took all necessary legal and organizational measures in order to avoid similar crises in the future.

The participants in the meeting agreed that the intermediate data on the fulfillment of the budget for 2016 shows that the deficit at the end of the year will be lower than expected.”This is mostly due to significantly increased revenues since the beginning of the mandate of the Borissov Cabinet two years ago. These have grown to over BGN 2 B,” underlined Finance Minister Goranov.

Goranov was emphatic that if the government serves a full term in office and no international crises affect the country, the state budget will be balanced in 2018.

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Tags: Baqir, Borissov, Goranov, International Monetary Fund, GDP, banking system
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