IMF Greenlights New USD 36,5 M to Bulgaria

Business | July 8, 2003, Tuesday // 00:00

The Board of Executive Directors of the International Monetary Fund (IMF) completed the third review of the implementation of the two-year stand-bay agreement between Bulgaria and the Fund. The move greenlighted a new USD 36,5 M tranche to Bulgaria to be released within three days.

Stable macro-economic developments, flexible fiscal policy and creation of conditions for higher economic growth are the reasons for the positive decision of the IMF Board of Directors.

The country's strong foreign policy, currency reserves and the continuing reduction of the ratio between foreign debt and GDP have also been taken into consideration.

In a speech before the board Jeroen Kremers, executive director of the Dutch Group in the IMF, has underlined the country's potential to meet foreign challenges.

Jeroen Kremers visited Bulgaria at the beginning of June.
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