In 2007, the World Bank will focus its efforts on helping Bulgaria to get the maximum benefit from its European Union membership and accelerate the raising of its living standards to the EU level.

This emerged after a meeting between senior representatives the Bulgarian Government and a World Bank team, the Ministry of Economy and Energy said, according to a report by Bulgarian news agency BTA.

The Government was represented by Economy and Energy Minister Roumen Ovcharov and Finance Minister Plamen Oresharski.

Leading the World Bank team were Anand Seth, Country Director for Bulgaria, Croatia and Romania, and Florian Fichtl, Country Manager for Bulgaria. Separately, the World Bank team also met Foreign Minister Ivailo Kalfin.

The World Bank has started a two-year programme of economic analysis aimed at assisting in raising and encouraging production efficiency in Bulgaria. The programme comprises more than nine analytical reports and studies in this area.

One of the 2007 analysis reports is entitled A Review of Public Finance Policy. The Bulgarian Government asked for the study, on appropriate policies on higher education and labour market development, to boost production efficiency and competitiveness, and achieve economic growth and incomes closer to those in the EU.

Another focus is to be the impact of these policies on the national budget and fiscal policy.

Seth said that the World Bank supports Bulgaria's agenda for social and economic development, presenting it the best European and global practices.

Through its Strategy for Partnership, the Bank will provide additional technical and financial support for the ongoing reforms in education and health care, the improvement of roads, trade and the municipal infrastructure.

The loans to be granted would be up to $300 million a year. The Strategy for Partnership was approved by the World Bank Board of Directors in June 2006.

Currently, the World Bank's portfolio for Bulgaria comprises seven investment projects, including two grants from the Global Environment Facility (GEF) that total $229.2 million.