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Wed, Feb 08 2012
Borissov: Bulgaria will need IMF loan
Photo: Reuters
The Wall Street Journal is reporting that Boiko Borissov, leader of the opposition Citizens for the European Development of Bulgaria (abbreviated as GERB) in Bulgaria, has recommended that Bulgaria should sign up for an International Monetary Fund (IMF) loan to guarantee its financial stability.
Borissov apparently delivered his warning to business leaders at a conference in Sofia on June 17.
The newspaper reports that "Finance Minister Plamen Oresharski, part of the Socialist-led government, told Dow Jones Newswires in an interview last week that he was 'moderately optimistic' Bulgaria could cope without an IMF loan. He also said the governent aimed at all costs to avoid a budget deficit this year".
According to the Wall Street Journal, Borissov said it would be good if Bulgaria managed to run a budget deficit of less than two per cent of gross domestic product this year.
Bulgarian GDP grew seven per cent in 2008 but contracted by 3.5 per cent in the first quarter from the same period a year earlier, the first drop in 12 years.
"Three European Union member states in Central and Eastern Europe - Hungary, Romania and Latvia - have all agreed standby loans from the IMF, while Poland has obtained a flexible credit line from the IMF," concludes the article.
Borissov apparently delivered his warning to business leaders at a conference in Sofia on June 17.
The newspaper reports that "Finance Minister Plamen Oresharski, part of the Socialist-led government, told Dow Jones Newswires in an interview last week that he was 'moderately optimistic' Bulgaria could cope without an IMF loan. He also said the governent aimed at all costs to avoid a budget deficit this year".
According to the Wall Street Journal, Borissov said it would be good if Bulgaria managed to run a budget deficit of less than two per cent of gross domestic product this year.
Bulgarian GDP grew seven per cent in 2008 but contracted by 3.5 per cent in the first quarter from the same period a year earlier, the first drop in 12 years.
"Three European Union member states in Central and Eastern Europe - Hungary, Romania and Latvia - have all agreed standby loans from the IMF, while Poland has obtained a flexible credit line from the IMF," concludes the article.
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Bulgaria should not request IMF loan – Hanke
Professor Steve Hanke, referred to in Bulgaria as the ‘father’ of the country’s Currency Board, says that should the country sign a loan agreement with the International Monetary Fund, it would be a sign of weakness.
IMF could increase Bulgaria's quota by $72 million
The first step of the procedure was made on July 20 2009, when the IMF’s Board of Governors approved the proposal. This means that Bulgaria will raise the cap of the financing it can tap from the fund to $12 billion.
IMF revises 2009 economic forecasts for Bulgaria
The IMF expects Bulgaria's economy to shrink by seven per cent in 2009, with projections for 2010 estimating a 2.5 per cent contraction.
Borissov and Stanishev in bitter war of words
GERB leader Borissov alleges ruling coalition is planning electoral abuses; irked by television adverts for the Bulgarian Socialist Party re-running extracts from the GERB-BSP clash in Bankya.
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