Bulgaria’s good economic condition is a result of the foreign investment inflow in the country, International Monetary Fund (IMF) first deputy managing director John Lipsky said.

Higher standards of living could be achieved only through economic growth over a long period of time, Lipsky said in a joint briefing with Finance Minister Plamen Oresharski.

IMF aided Bulgaria achieve its goal of EU membership, Lipsky said. The union accession is now imposing other requirements that have to be met. Bulgaria should continue its sound fiscal policies and maintain the macroeconomic stability, he said.

According to IMF predictions Bulgaria will experience a 16.6 per cent current account deficit, economic growth of six per cent and inflation remaining below 4.5 per cent in 2007.

Oresharski said that Bulgaria was going to prove it could maintain good financial policies after the end of its agreement with the IMF.