{
  "title": "Bulgaria: 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Bulgaria",
  "publication": "IMF Staff Country Reports, March 22, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/03/22/bulgaria-2019-article-iv-consultation-press-release-staff-report-staff-supplement-and-46702",
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  "summary": "This Article IV Consultation highlights that economic performance remains robust but risks to the outlook are tilted to the downside amid slowing external demand.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Economic performance remains robust but risks to the outlook are tilted to the downside amid slowing external demand.\n- Bulgaria faces a sizable income gap vis-à-vis the EU average and unfavorable demographic prospects.\n- Main policy challenge: raise growth potential through broad-based structural reforms to improve public goods provision and institutions.\n- Article IV discussions focused on medium-term reforms to improve public goods provision and raise potential growth, and on near-term policies to enhance financial sector stability."
    },
    {
      "heading": "Major findings",
      "content": "- Fiscal policy is broadly appropriate, but the efficiency of spending and revenue administration could be further improved.\n- Stronger public investment management would improve investment efficiency and transparency.\n- Better performance of state-owned enterprises would help raise growth potential and mitigate fiscal risks.\n- Bank profits have risen and non-performing loans (NPLs) have continued to decline, although they remain high among EU countries.\n- The central bank should ensure that banks with high NPLs have adequate capital buffers."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Implement broad-based structural reforms to improve public goods provision and institutions to raise potential growth.\n- Improve efficiency of spending and revenue administration.\n- Strengthen public investment management to enhance investment efficiency and transparency.\n- Improve performance and governance of state-owned enterprises to raise growth potential and reduce fiscal risks.\n- Enhance financial sector stability by ensuring adequate capital buffers for banks with high NPLs."
    },
    {
      "heading": "Financial sector observations",
      "content": "- Bank profits: have risen.\n- Non-performing loans (NPLs): have continued to decline but are still high among EU countries.\n- Central bank role: ensure banks with high NPLs hold adequate capital buffers."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Date: March 22, 2019\n- Pages: 65\n- Volume: 2019\n- Issue: 083\n- Series: Country Report No. 2019/083\n- Stock No: 1BGREA2019001\n- DOI: https://doi.org/10.5089/9781498304665.002\n- ISBN: 9781498304665\n- ISSN: 1934-7685\n- Subject tags: Capital spending, Expenditure, Labor, Public debt, Revenue administration, Wages\n- Keywords: authority, banking sector supervision, Capital spending, CR, Global, IMF staff estimate, IMF TA, ISCR, potential GDP, preliminary data, Revised Staff's projection, staff's projection, Wages\n\nInternational Monetary Fund. Bulgaria: 2019 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Bulgaria (IMF Staff Country Reports 2019, 083), March 22, 2019.\n\n---\n\n Content in this bundle\n\n- 1bgrea2019001\n  - 1bgrea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1bgrea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 22, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498304665.002",
    "Economic performance remains robust but risks to the outlook are tilted to the downside amid slowing external demand.",
    "Bulgaria faces a sizable income gap vis-à-vis the EU average and unfavorable demographic prospects.",
    "Main policy challenge: raise growth potential through broad-based structural reforms to improve public goods provision and institutions.",
    "Article IV discussions focused on medium-term reforms to improve public goods provision and raise potential growth, and on near-term policies to enhance financial sector stability.",
    "Fiscal policy is broadly appropriate, but the efficiency of spending and revenue administration could be further improved.",
    "Stronger public investment management would improve investment efficiency and transparency.",
    "Better performance of state-owned enterprises would help raise growth potential and mitigate fiscal risks.",
    "Bank profits have risen and non-performing loans (NPLs) have continued to decline, although they remain high among EU countries.",
    "The central bank should ensure that banks with high NPLs have adequate capital buffers.",
    "Implement broad-based structural reforms to improve public goods provision and institutions to raise potential growth.",
    "Improve efficiency of spending and revenue administration.",
    "Strengthen public investment management to enhance investment efficiency and transparency.",
    "Improve performance and governance of state-owned enterprises to raise growth potential and reduce fiscal risks.",
    "Enhance financial sector stability by ensuring adequate capital buffers for banks with high NPLs.",
    "Bank profits: have risen.",
    "Non-performing loans (NPLs): have continued to decline but are still high among EU countries.",
    "Central bank role: ensure banks with high NPLs hold adequate capital buffers.",
    "Date: March 22, 2019",
    "Pages: 65",
    "Volume: 2019",
    "Issue: 083",
    "Series: Country Report No. 2019/083",
    "Stock No: 1BGREA2019001",
    "DOI: https://doi.org/10.5089/9781498304665.002",
    "ISBN: 9781498304665",
    "ISSN: 1934-7685",
    "Subject tags: Capital spending, Expenditure, Labor, Public debt, Revenue administration, Wages",
    "Keywords: authority, banking sector supervision, Capital spending, CR, Global, IMF staff estimate, IMF TA, ISCR, potential GDP, preliminary data, Revised Staff's projection, staff's projection, Wages",
    "**1bgrea2019001**"
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