IMF Staff Country Reports

Bulgaria : Fourth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria

Author/Editor:

International Monetary Fund

Publication Date:

March 26, 2007

Electronic Access:

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Summary:

This paper discusses key findings of the Fourth Review Under the Stand-By Arrangement for Bulgaria. Performance in 2006 was broadly satisfactory, although structural reform implementation was weaker than expected. Notably, the government postponed until mid-2007 the launching of the electronic business registry, a key business climate measure. The financial system remains well capitalized and profitable with the modest nonperforming loans. The authorities and IMF staff agreed that the credit restraints should lapse and that Basel II should be implemented cautiously.

Series:

Country Report No. 07/127

Subject:

Balance of payments Budgets Bulgaria Capital flows Current account deficits Economic growth Economic indicators External debt Financial sector Fiscal policy Foreign direct investment Gross domestic product Incomes policy Labor markets Letters of Intent Performance criteria waivers Press communiques Public debt Repayment of borrowing by Fund Social indicators Staff appraisals Staff Reports Stand-by arrangement requests