The decision of the Finance Minister to wthdraw his resignation is a result of the meeting and talks he held over the last two weeks with Prime Minister Simeon Saxe-Coburg, the leader of the junior coalition partner the Movement for Rights and Freedoms Ahmed Dogan, colleagues from the Cabinet, as well as leading politicians from the ruling majority, statememt of the Finance Ministry, circulated to the media, reads.

Milen Velchev has been assured of their support in forming the fiscal policy, that is being and will be conducted by the Cabinet and the ruling majority.

In a letter sent to Prime Minister Simeon Saxe-Coburg August 19 Milen Velchev expresses his gratitude for the concern over the issues raised August 6.

I highly appreciate the support, which was demonstrated in a number of public statements by politicians. This support, as well as my willingness to continue my efforts for achieving the targets of our government, are the reasons for keeping my post of Finance Minister, should you agree with this.

Bulgaria's Finance Minister Milen Velchev withdrew his resignation on Tuesday.

Late on August 6 Velchev handed in his resignation personally to Prime Minister Simeon Saxe-Coburg. The governmental head then announced he would not accept the surprise resignation immediately and would give it some thought.

As a main motive Velchev cited a lack of support for tough budgetary constraints and disagreements with MPs from the ruling coalition over his plan to crack down on customs fraud. The resigning minister also complained over the failure of the Bulgarian police to clear his name after it was stained in a ministers-link-to-mafia scandal.