Commenting the economic indices in 2001 Finance Minister Milen Velchev said Bulgaria saw some positive developments during the year, despite the global economic recession in Western Europe and the U.S after the tragic events of September 11. Minister Velchev pointed out in particular Bulgaria’s rapid economic growth in comparison with other countries. He described the debut Euro bonds issue as a remarkable financial achievement. In his opinion irrefutable evidence of the progress that has been made is Bulgaria's credit ratings upgrade by three world rating agencies. Another important factor was the adoption of budget 2002 and the accompanying tax laws, Minister Velchev said. It is also significant that this has been done within a framework, which ensures the country’s economic stability and encourages economic growth. During 2002 Minister Velchev expects big investments and exports to provide a good base for rapid economic growth. In his words big sums will be earmarked from budget 2002 for the social sphere, where expenditures will exceed those in 2001 by 17.7 %. The inflation rate is projected at 4 %. The Finance Minister pointed out that it is up to all Bulgarians to develop this country so that it may rely on its own resources. The most important factors for this, in his opinion, are speed, economic growth, and exports. Concerning the new two-year agreement with the International Monetary Fund he said he believed that after its successful completion, Bulgaria will not need extra funding from the Fund and future agreements will be mostly protective.

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