Sat, Feb 11 2012

Bulgarian Industrial Association says Bulgaria should not dismiss IMF loan scenario

Fri, Jul 17 2009 09:30 CET

byDnevnik.bg

915 Views
Bulgarian Industrial Association says Bulgaria should not dismiss IMF loan scenario

IMF headquarters in Washington.

Photo:

The Bulgarian government should carefully weigh the need for an agreement with the International Monetary Fund (IMF), according to the Bulgarian Industrial Association (BIA).

The group published a set of measures it said would secure sustainable development of the country’s economy in the face of the downturn.

The BIA recommended that the government should carry out an analysis of and develop an outlook for Bulgaria’s deficits and budget receipts to determine the need of initiating negotiations with international financial institutions. The country’s currency reserves dwindled by 19.8 per cent to 23 billion leva in the past months.

If currency reserves contract to 15 billion leva and the downtrend continues, the country may need to sign an agreement with the IMF, the association said.

The industry called on the government to lower social security payments through an overhaul of the social security system and place the state and businesses on an equal footing to encourage public-sector employees to make the same contributions as a percentage of their salaries as their private-sector counterparts.

The move would save money that could be used to reduce the social security rates, according to BIA. As a temporary measure to mitigate the crisis, the government could cut contributions to universal pension funds from five per cent to two per cent.
 

  • Print
  • Send via email
  • Translate to
  • Share:
Tags:

To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

Bulgarian business braces for tougher times – Bulgarian Industrial Association

Clogged markets, red tape, corruption and an instable regulatory framework have been major obstacles Bulgarian businesses have stumbled upon in 2009, according to a poll by the Bulgarian Industrial Association (BIA).

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.

More in this category

Average monthly salary in Bulgaria rose in Q4 2011, statistics institute says

In the fourth quarter of 2011, the average monthly salary increased to 727 leva, 4.9 per cent higher than in Q3, the National Statistics Institute says.

Global food prices rebound, FAO says

For the first time in six months, global food prices rose overall in January 2012, the UN Food and Agricultural Organisation said.

Bulgaria mulls tighter regulation of bank fees - updated

The package will be discussed with the Association of Bulgarian Banks before the amendments are submitted to Parliament.

Bulgarian ICT Watch event in March

Debate at the half-day event will cover what has been achieved so far and what further can be done by the Bulgarian Government to support development of the market.

Movers and shakers

Selectivity, not popularity, is the driving force behind Sofia's most exclusive members' only club.

Appointments

British Council

British Council

Lyubov Kostova was appointed country manager of British Council Bulgaria effective January 1, replacing Tony Buckby, who left in October 2011 to take a similar position at British Council Greece. Kostova has been with British Council Bulgaria for 11 years, as public communications manager and, since 2008, as the head of project and partnerships department. Prior to joining the British Council, Kostova was head of international activities at the National Academy for Theatre and Cinema Arts (NATFIZ). She has a degree in Indian studies from Kliment Ohridski Sofia University.

CEZ

CEZ

Stefan Apostolov is the new chief executive of CEZ Razpredelenie Bulgaria, the power transmission subsidiary of Czech energy company CEZ in the country. He replaces interim chief executive Ales Damm, who remains the chairperson of the CEZ Razpredelenie management board. Apostolov has 30 years of experience in the energy sector, joining CEZ in 2007 as director of customer service and was later appointed as head of business development. Apostolov has a master's degree in electric systems from the Belorussian National Technical University in Minsc, management diplomas from Open University London and New Bulgarian University, as well as a master's degree in business administration from Plovdiv University.

BASF Bulgaria

BASF Bulgaria

Valentina Dikanska is the new general manager of chemical industry giant BASF subsidiary in Bulgaria, taking over from Herbert Fisch, BASF vice president for Southeastern Europe. Dikanska, who started her career as an expert in the Finance Ministry, joined BASF Bulgaria as director of finance and administration in 2002. She becomes the first Bulgarian to hold the top management position in the company in its 40-year history on the Bulgarian market. Dikanska holds a master's degree in economics from the University for National and World Economy in Sofia.

Rompetrol Bulgaria

Rompetrol Bulgaria

Alexander Albin has been appointed chief executive of fuel distributor Rompetrol Bulgaria, replacing Nichita Sorin, who left to become chief executive of Rompetrol Gaz in Romania. Albin was previously chief executive of Rompetrol Georgia. He has more than 15 years of experience in the oil and gas industry; prior to joining Romania's oil group Rompetrol in 2008 as an adviser, he oversaw operations at Atyrau refinery in Kazakhstan, owned by Rompetrol's parent company KazMunaiGaz. He previously held top management positions at two other leading Kazakh oil and gas companies.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.