Bulgaria’s agreement with the International Monetary Fund was published on the website of the Bulgarian Finance Ministry. For the first time a text of a memorandum with IMF is released before its approval by the IMF Board of Directors. The newest agreement with IMF is expected to be approved in February, 2002. One of the key goals of the Cabinet will be to achieve considerable increase of incomes, which are to reach 26% of the average per capita income in the EU member states, the document reads. The memorandum focuses on the management of the state debt so as to reduce the share of the public debt in the GDP, on decreasing the portfolio risk, minimizing the roll-over risk, developing landmarks of the international and domestic capital markets and maintaining sufficient liquidity in the fiscal reserves. In the next two years, Bulgaria will receive USD 300 M, allotted in nine tranches under the new agreement with the International Monetary Fund, Finance Minister Velchev announced on December 14 after the end of the third round of the negotiations between the Bulgarian Government and the IMF.

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