Eastern Europe's recovery remains at risk from a banking crisis as a lack of transparency in the industry undermines confidence and impedes interbank lending, said European Bank for Reconstruction and Development Chief Economist Erik Berglof.
Bulgaria Finance Minister, Simeon Djankov, has cut back on his criticism of President Georgi Parvanov's report that was released Monday.
The eurozone is emerging from recession, according to the latest forecast from the European Commission.
The cabinet does not plan additional cuts in administrative costs other than the already announced 15% in the second half of this year that will help save BGN 1,2 B, the finance minister said.
Bulgaria's gross domestic product (GDP) contracted by 4,9% in the second quarter of 2009 on an annual basis, the first time that the country's GDP marked a drop year-on-year in two successive quarters since the financial and economic crisis in 1997.
A mission of the International Monetary Fund, headed by Bas Bakker, will pay a visit to Sofia from September 10-21.
Bulgaria's budget deficit has reduced five times to BGN 105 M in August from BGN 564,3 M in July, the finance minister announced confirming earlier reports.
Bulgaria's Finance Minister Simeon Djankov will pay a visit to Brussels a week after the much expected first visit of Prime Minister Boyko Borisov, starting on September 10.
The Bulgarian stock market indices opened only marginally higher on Tuesday morning in line with the European trend following the strong previous session, as nerves take over ahead of the US market's return after a three-day weekend.
Bulgaria's Finance Minister Simeon Djankov will present on Tuesday preliminary data about the implementation of the national budget in August. He will also announce forthcoming reforms at the customs administration.
The Bulgarian stock market indices rose on Monday in line with the trend on world markets, after the pace of US job losses eased and major countries pledged to keep extraordinary government measures in place to prop up the global economy.
Following a misfire on Monday, the Bulgarian stock market indices ended the week on a higher note, but still most of them were down in comparison with the previous week.
The worst effects of the economic crisis are still to hit the Bulgarian economy, but further spending cuts should see the Balkan state balance its budget in 2009, Bulgaria's finance minister said.
Bulgaria's Deputy PM and Finance Minister, Simeon Djankov has signed a decree mandating gas stations to account for their sales on a daily basis.
Bulgaria 's new finance minister has expressed confidence the government will run a balanced budget this year and safeguard its currency board regime.
A mission of the International Monetary Fund, headed by Bas Bakker, will visit Sofia from September 10-21, the global lender announced.
The European Central Bank left interest rates at a record low at its meeting in Frankfurt on Thursday, as predicted by a number of economists.
Bulgaria, like other eastern European countries, has already been hit by the global crisis, but the finance minister says the hardest blow will come in the autumn.
The European Central Bank will leave interest rates at a record low and signal it's in no rush to withdraw emergency stimulus measures as the economy shows signs of recovering from its worst recession since World War II, economists said.
Romania is currently in a deep recession that is expected to last into 2010, and even so, the nation's economy is unlikely to return to its recent lofty growth rates in the near term, the long-term prospects remain good, according to a new Moody's report
Bulgaria's economy is going to shrink by 2% in 2010, and will recover only in 2011 with a projected growth of 3,8%.
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
