Bulgaria: Second Review Under the Stand-By Arrangement and Request for Waiver of Applicability of Performance Criteria
February 24, 2003
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This paper examines Bulgaria’s Second Review Under the Stand-By Arrangement (SBA) and a Request for Waiver of Applicability of Performance Criteria. Over the last six-month period, Bulgaria’s macroeconomic stability has strengthened further. However, political pressures have made it more challenging to maintain a prudent and flexible fiscal policy and have weakened the momentum of structural reforms. Bulgaria has had a commendable performance in 2002, and the IMF staff supports the authorities’ request to complete the second program review under the SBA.
Subject: Balance of payments, Currencies, Current account deficits, External debt, Fiscal policy, Money, Public debt
Keywords: ceiling, CR, Currencies, Current account deficits, December, Eastern Europe, executive board discussion, increase labor market flexibility, ISCR, privatization program, stand-by credit from the IMF, state energy companies, state telecommunications company
Pages:
76
Volume:
2003
DOI:
Issue:
032
Series:
Country Report No. 2003/032
Stock No:
1BGREA0012003
ISBN:
9781451804379
ISSN:
1934-7685
