Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement
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Summary:
In 1999, Executive Board deliberations on Bulgaria focused on the need for the authorities to persevere with structural reform. Under the currency board arrangement introduced in mid-1997, Bulgaria has achieved macroeconomic stabilization and made substantial progress in structural reform. Banking supervision has improved markedly. Executive Directors stressed the importance of wage moderation and flexible labor markets for maintaining competitiveness and reducing unemployment. The emerging private sector also faces many obstacles, including burdensome bureaucracy and red tape, weak governance, and a banking system hesitant to extend credit.
Series:
Country Report No. 2000/053
Subject:
Balance of payments Banking Budget planning and preparation Current account deficits External debt Fiscal policy Macrostructural analysis Public financial management (PFM) Structural reforms
Notes:
Included with the Staff Report are the text of Public Information Notice No. 00/32 and a statement by J. de Beaufort Wijnholds, Executive Director, on March 31, 2000.
English
Publication Date:
April 18, 2000
ISBN/ISSN:
9781451804348/1934-7685
Stock No:
1BGREA0012000
Pages:
113
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