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Capital Economics: Bulgaria Will Ask for IMF Loan
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Bulgaria seems set to ask for an IMF loan to back up its economy. Photo by businessweek.com
Bulgaria is most likely to soon ask for an IMF loan following its neighbor Romania, according to a report by UK based Capital Economics Ltd..
Bulgaria will ask for the International Monetary Fund (IMF) loan after a collapse of exports and investment in the country, Capital Economics stated, cited by Bloomberg.
They went on to say that Bulgaria's economy is expected to shrink 5 percent this year, forcing the government to drain its fiscal reserves to restore liquidity. The report added that reserves will only cover such needs for six to 12 months.
The report added that many other Eastern European countries have more worries in their economies than Bulgaria.
The Baltic nations of Latvia and Lithuania will show the biggest decline at 15 percent, the London-based research firm forecast. Hungary, which needed an International Monetary Fund-led bailout last year, and Romania, which is negotiating external aid, will both shrink 7,5 percent, the research company concluded.
For the full report please read here:
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