Sat, Feb 11 2012

IMF RECOMMENDS CURRENCY BOARD FOR BULGARIA'S ECONOMIC STABILITY

Mon, May 08 2006 09:00 CET

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The government should consider the future functioning of the currency board in Bulgaria to maintain the country's fiscal policy stability, International Monetary Fund (IMF) experts said.

The currency board and its effects on financial policies and structural reforms will be among the topics of discussion during the two-week IMF mission to Bulgaria, Dnevnik newspaper reported.

In the end of last week IMF resident representative to Bulgaria James Roaf said that he was unaware the Cabinet plans to end its agreement with the IMF. An extension of the agreement until March 2007 is recommended to ensure IMF support for the national fiscal policy, Roaf said.

His statement came after Finance Minister Plamen Oresharski said Bulgaria will end its agreement with the IMF and focus on the synchronisation of national policies with EU standards.

Bulgaria still experiences problems with credit expansion and the current account deficit, IMF experts said. Further measures would be needed to ensure the effectiveness of the national economy, according to the IMF.

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