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Fri, Feb 10 2012
IMF's message on surplus
THE head of the International Monetary Fund (IMF) mission for Bulgaria, Gerald Schiff, has advised the Government to save a greater part of the surplus of 900 million leva, accumulated so far in this year's budget.
He said the Cabinet should have guarantees against the risks coming from increased imports and the increased deficit on the current account of the balance of payments.
On November 19 Schiff met the team of the Finance Ministry. He arrived last week for the fourth and last review of the two-year stand-by agreement between Bulgaria and the IMF. His meeting with the heads of the Finance Ministry was attended by Hans Flickenschild, Schiff's successor, who is to take over the post next year.
Schiff criticised Velchev about his intention to invest 500 million leva from the fiscal reserve in infrastructure projects. The funds, however, have not been included in the expenses part of Budget 2004, but were in the column financing of the deficit. It means that the money can be spent as Velchev considers appropriate, without asking the persmission of Parliament.
Schiff said that Budget 2004 should be more transparent, especially in the expenses part. He insisted that part of the overperformance of Budget 2003 be spent on financing the deficit.
During his visit at the Finance Ministry on November 19 Schiff discussed with Velchev the main topics of their talks over the next 10 days within which the review of the stand-by agreement between Bulgaria and the IMF should be completed. The fiscal policy of the Government by the end of this and during next year, the expected deficit of the balance of the current account and the measures for compensating these negative results are among the agreed issues on the agenda, Velchev said after the meeting.
This is the last mission to Bulgaria for Schiff. His successor Flickenschild said that the basics for the next agreement between Bulgaria and the IMF should be laid during their current visit. He also said that the only thing that could possibly change in the relations between the country and the fund is the personal style, as the personality of the mission leader would be different. He also expressed his hope that he would be able to help Bulgaria in its accession process to EU and actually see the country become an EU member.
He said the Cabinet should have guarantees against the risks coming from increased imports and the increased deficit on the current account of the balance of payments.
On November 19 Schiff met the team of the Finance Ministry. He arrived last week for the fourth and last review of the two-year stand-by agreement between Bulgaria and the IMF. His meeting with the heads of the Finance Ministry was attended by Hans Flickenschild, Schiff's successor, who is to take over the post next year.
Schiff criticised Velchev about his intention to invest 500 million leva from the fiscal reserve in infrastructure projects. The funds, however, have not been included in the expenses part of Budget 2004, but were in the column financing of the deficit. It means that the money can be spent as Velchev considers appropriate, without asking the persmission of Parliament.
Schiff said that Budget 2004 should be more transparent, especially in the expenses part. He insisted that part of the overperformance of Budget 2003 be spent on financing the deficit.
During his visit at the Finance Ministry on November 19 Schiff discussed with Velchev the main topics of their talks over the next 10 days within which the review of the stand-by agreement between Bulgaria and the IMF should be completed. The fiscal policy of the Government by the end of this and during next year, the expected deficit of the balance of the current account and the measures for compensating these negative results are among the agreed issues on the agenda, Velchev said after the meeting.
This is the last mission to Bulgaria for Schiff. His successor Flickenschild said that the basics for the next agreement between Bulgaria and the IMF should be laid during their current visit. He also said that the only thing that could possibly change in the relations between the country and the fund is the personal style, as the personality of the mission leader would be different. He also expressed his hope that he would be able to help Bulgaria in its accession process to EU and actually see the country become an EU member.
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