Bulgaria: 2006 Article IV Consultation, Third Review Under the Stand-By Arrangement, and Request for Rephasing, Waiver of Applicability and Nonobservance of Performance Criteria and Extension of the Arrangement—Staff Report; Staff Statement; and Public Information Notice and Press Release on the Executive Board Discussion
August 8, 2006
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The current account deficit in Bulgaria, which doubled in 2005 to 11.8 percent of GDP, deteriorated further to 14.6 percent of GDP during the first four months of 2006. The current account deficit continues to be substantially financed by foreign direct investment (FDI) flows. Fiscal policy has been cautious for several years, and is being tightened further in 2006. The Bulgarian National Bank (BNB) introduced successively tighter credit limits and enhanced prudential measures. The discussions centered on policies to contain macroeconomic imbalances and achieve sustainable high growth.
Subject: Balance of payments, Current account deficits, Expenditure, External debt, Fiscal policy, Public debt
Keywords: core inflation, CR, credit growth, Current account deficits, EU accession, executive board discussion, FDI inflow, Global, headline inflation, ISCR, staff appraisal, Western Europe, year-on-year GDP growth
Pages:
100
Volume:
2006
DOI:
Issue:
298
Series:
Country Report No. 2006/298
Stock No:
1BGREA2006002
ISBN:
9781451804546
ISSN:
1934-7685
