The final agreement signed between Bulgaria and the International Monetary Fund (IMF) is about to end without producing major positive results, Capital newspaper reported.

Bulgaria and IMF signed an agreement in 2004, which expires in three months, after Bulgaria becomes EU member.

Capital reported that the mission was unsuccessful as Bulgaria carried out some of the harmful IMF requirements and failed taking into consideration more useful recommendations.

IMF played an important role in getting Bulgaria out of the 1996 to 1997 economic crisis, the report said. One of its main tools pushing forward the implementation of reforms was the provision of credits.

The 2004 agreement had less binding power, as it did not envision fund provision, Capital said.

Some of the ideas promoted in the agreement lost IMF the trust it had before, the report said. It demonstrated that IMF functioned less efficiently once developing economies start picking up speed and getting closer to accepted norms, Capital said.

A number of important reforms were carried out without IMF recommendation, Open Society Institute representative Georgi Angelov said. Angelov pointed out social aid restrictions and income tax decrease as two such policies.