Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement

April 18, 2000

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.

Subject: Balance of payments, Banking, Budget planning and preparation, Current account deficits, External debt, Fiscal policy, Macrostructural analysis, Public financial management (PFM), Structural reforms

Keywords: authorities aim, Budget planning and preparation, Bulgarian authorities, CR, Current account deficits, district heating sector, enterprise, Europe, Global, government, government decision, government's commitment, ISCR, policy, Policy implementation, Structural reforms, Western Europe

Pages:
113
Volume:
2000
DOI:
https://doi.org/10.5089/9781451804348.002
Issue:
053
Series:
Country Report No. 2000/053
Stock No:
1BGREA0012000
ISBN:
9781451804348
ISSN:
1934-7685

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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.

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