INFLATION HIGHER THAN EXPECTED, IMF OFFICIAL SAYS

Business | April 28, 2002, Sunday // 00:00

Inflation grows at a higher pace than expected, Piritta Sorsa, IMF Resident Representative, said, commenting the upcoming mission of the International Monetary Fund in May. She attributed this to the administrative rise of prices and taxes. In her opinion this influence will die away and in the next few months will totally disappear. She pointed out that the economic stability of the government maintains the macroeconomic stability. The IMF mission is a regular planned visit, which aims to assess Bulgaria’s progress on the in the economic program under the IMF agreement. Data till end-April and end-May will be checked, as well as the economic outlook planned till the end of the year, Piritta Sorsa specified. The fiscal policy introduced in Bulgaria is conservative and stable, while social expenses are closely watched, she said, adding that the amount of granted credits is increasing. Piritta Sorsa explained the fall in exports with cyclic movements in the developments of trade exchanges. The promising forecasts for the coming tourist season will also help Bulgaria, she said and recommended that Bulgaria stimulate and improve the efficiency of the exports.
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