Sun, Nov 22 2009
About 47 results were found.
Bulgaria's Finance Ministry announced on April 24 that it had jumped ahead of schedule to pay off the last remaining portion of its debt to the International Monetary Fund, worth about $302 million. The move generated nary a ripple, neither in Bulgaria's financial markets nor on the political circuit. The repayment was too small to seriously dent the country's fiscal reserves, which now stand at a comfortable
If Bulgaria manages to cut spending, then the question of increasing rates of taxes on certain income groups might become reasonable for discussions, outgoing International Monetary Fund (IMF) regional representative for Bulgaria James Roaf told The Sofia Echo on September 14. "But this is not an issue today," Roaf said. Roaf was asked about a proposal by the Bulgarian Socialist Party, the
A changing of the guard is taking place in relation to International Monetary Fund relations with Bulgaria. James Roaf, who has served an exemplary term as resident representative of the IMF in Sofia, including through some difficult negotiations, is handing over to Juan Fernandez-Ansola, who will be Bucharest-based and will be responsible for both the two new European Union member states, Bulgaria and Romania.
The main challenge for Bulgaria was to boost productivity after its EU entry, International Monetary Fund (IMF) resident representative James Roaf said. This was needed to keep Bulgaria's economic growth and income increase, he said. Bulgaria should continue to improve the business climate and to maintain macroeconomic stability, according to Roaf. Bank system supervision, structural reforms speeding up and
The value of the Bulgarian lev, as well as export increased, International Monetary Fund (IMF) resident representative to Bulgaria James Roaf said. These positive statistics however should not lead to overestimation of the lev, Roaf said. Darik Radio quoted Roaf as saying that increase demand on the domestic market and import levels still caused problems. Inflation in Bulgaria was much higher than EU's
The International Monetary Fund (IMF) appointed Juan Jose Fernandez Ansola as its resident representative to Bulgaria and Romania, Darik Radio said. The new office of Fernandez Ansola would be in Bucharest, Darik said. Fernandez Ansola was a former head of the IMF's mission to Slovenia. The next IMF mission would arrive in Bulgaria in October to discuss budget 2007. The fund would release its last report on Bulgaria
Bulgaria's current account deficit rose sharply in the first half of 2006, which was in line with forecasts. According to experts, capital inflows will continue to counterbalance the deficit's growth. The first-half current account gap widened to a preliminary 7.6 per cent of the projected gross domestic product (GDP), from 5.2 per cent a year earlier, Bulgarian National Bank (BNB) data showed on August 11.
The International Monetary Fund (IMF) is preparing to withdraw from the active monitoring of Bulgaria's macroeconomic stability. This process will occur over the next nine months due to an agreement reached between the IMF and the Cabinet that will lead to a six-month extension of Bulgaria's accord with the fund, starting from October 2006. The announcement was made by Finance Minister Plamen
The Bulgarian Cabinet has decided to extend by six months the country's agreement with the International Monetary Fund (IMF). This was announced by Finance Minister Plamen Oresharski at a news conference on May 17, marking the end of another review mission of the IMF to Sofia, led by the fund's European Department deputy director Ajai Chopra. The announcement came as a surprise because
The International Monetary Fund (IMF) agreement with Bulgaria will be extended with six months. Its term will end in March 2007. The first three months will include effective measures and the coming three will be used for the clarification of technical parameters, Finance Minister Plamen Oresharski said. Oresharski said the Cabinet decision took into account the advice of the European Commission. Economic policies right
The International Monetary Fund (IMF) gave a positive evaluation of the Cabinet's fiscal policies and the manner in which Bulgaria's agreement with the IMF is executed, IMF mission head for Bulgaria Ajai Chopra said. Chopra and IMF resident representative James Roaf met Prime Minister Sergei Stanishev and Finance Minister Plamen Oresharski, Bulgarian National Radio reported. Stanishev said that maintaining
Bulgaria will refrain from renewing its agreement with the International Monetary Fund (IMF), Finance Minister Plamen Oresharski said on April 29. Oresharski was interviewed by the local private Darik Radio. The current agreement with the IMF expires in September. The country would soon become a European Union member and all efforts of the Finance Ministry would focus on synchronising Bulgarian and EU
The government should consider the future functioning of the currency board in Bulgaria to maintain the country's fiscal policy stability, International Monetary Fund (IMF) experts said. The currency board and its effects on financial policies and structural reforms will be among the topics of discussion during the two-week IMF mission to Bulgaria, Dnevnik newspaper reported. In the end of last week IMF resident
In two weeks the Finance Ministry will present its budget forecast for the period from 2007 to 2009. Experts work on two scenarios, dependent on Bulgaria's EU membership, Deputy Finance Minister Liubomir Datsov said. Bulgaria cannot expect significant economic impact in the first two years after the accession, Datsov said. At the same time, Bulgaria would receive significant amounts of EU financial
The Cabinet should refrain from artificial increase in the minimal wage. Such developments should be determined by market principles, International Monetary Fund (IMF) resident representative to Bulgaria James Roaf said. Several safeguard clauses could be introduced after Bulgaria's entry in the EU, Roaf told Darik radio. Additional, smaller clauses cannot affect the country or slow down the provision of funds
Representatives of the business sector so far have restrained from commenting, but analysts believe the introduction of a safeguard clause will have direct effect on the Bulgarian economy. One negative effect of the safeguard clause is postponing the implementation of measures that would have otherwise stimulated the economy. Bulgaria will receive fewer subsidies from the EU and foreign companies will most likely
I've always been fascinated by maps. The older I get, the more I appreciate old things. And I love Bulgaria. So I couldn't resist buying this when I found it advertised on the internet. As you can see, it's a map of the Bulgarian region from 1596, by one Johann Bussemacher - who, along with his collaborator Matthias Quad (who quite likely did the original drawing for this map), was a prolific early cartographer working
The Cabinet and the International Monetary Fund (IMF) have been at odds lately after an announcement that Bulgaria would not immediately scrap seniority bonuses. Bulgaria could not honour its commitment made to the IMF this January to address the issue of seniority bonuses on time, Labour and Social Policy Minister Emilia Maslarova said on March 1. She was emerging from a meeting with Finance Minister Plamen
In 2005, Bulgarians took loans totalling 2.5 billion leva, according to Bulgarian National Bank (BNB) records. This meant that the credit growth rate was about 32.9 per cent, slightly more than the limit set by BNB for the year, which was 30 per cent. The sharpest increase was in housing loans, which rose by 101 per cent. By the end of 2005, Bulgarians owed 2.03 billion on housing loans. Consumer loans went up
Podkrepa Labour Confederation sent an open letter to IMF resident representative James Roaf, expressing the standpoint of Bulgarian labour unions. Earlier Roaf criticised national delays in accepting a new payment system which might decrease worker wages by up to 30 per cent, Focus news agency reported. Bulgaria is an independent country, which determines on its own social policies, the letter reads.
A WORSENING of the quality of household and housing credits in Bulgaria would lead to gradually increasing risks for the local banks' portfolios. This was the conclusion made by Bulgarian National Bank (BNB) deputy governor Emilia Milanova in a speech to the international exhibition Banks Investment Money that was held in Plovdiv on February 15-17. Credits to individuals are considered as lower-risk
The main problem of the Bulgarian economy is that the supply is bigger than the demand, International Monetary Fund (IMF) resident representative in Bulgaria, James Roaf said. Roaf is attending the International Banks, Investment and Money Exhibition in Plovdiv, Focus news agency reported. There, he spoke on the role of the financial sector in the national economic development.
The International Monetary Fund (IMF) will recommend to the Bulgarian Cabinet new measures to limit household borrowing and to close down duty-free shops. The recommendation came from the IMF Resident Representative in Bulgaria, James Roaf. An IMF delegation, headed by mission head to Bulgaria Hans Flickenschield, will arrive in Sofia on Thursday to carry out a second evaluation of the two-year agreement with Bulgaria.
MISTER James Roaf and his colleague Hans Flickenschild clearly have to follow the policies of their masters, but this does not mean that these are correct. From my reading of the IMF's policies here and elsewhere, the IMF is run by people with very narrow and limited thinking, whose policies are far divided from reality.
I THANK you for IMF response to my letter; as I said, I was in need of updating. I have never thought that the IMF intentionally works to make the rich richer and the poor poorer, only that several experts maintain that this is a consequence of this organisation's politics.
High inflation is the biggest problem that the Bulgarian economy faces, said the IMF resident representative to Bulgaria James Roaf before a meeting today with the IMF mission leader for Bulgaria, Hans Flickenschild. The Bulgarian Cabinet needs to deal with the growing prices and the flood damages caused this summer. According to the IMF, the Cabinet decision for the decrease of social securities by five or six per cent is a good one.
The International Monetary Fund will demand a significant budget surplus in 2006, said IMF representative in Bulgaria, James Roaf. This means that the Cabinet will be under pressure to cut expenditure or to increase budget income. The reason is that, according to the approved budget plan for 2006 of the Finance Ministry, the budget for next year must be balanced.
COVERING the costs of the damage caused by weeks of floods - unofficially estimated at possibly running into a billion leva - is among factors that could put at risk Bulgaria's promise to the International Monetary Fund to end the year with a 415 million leva budget surplus. Finance Minister Plamen Oresharski and his predecessor, Milen Velchev, have both sent grim messages about Bulgaria's financial situation because of the need for extra spending.
THE International Monetary Fund (IMF) is pleased that budget preparations in Bulgaria for 2006 are continuing on schedule at a technical level within the Finance Ministry and other responsible state institutions. This was said on August 7 by IMF resident representative James Roaf in an interview with Bulgarian news agency BTA.
INCREASING Bulgaria's competitiveness, introducing new technologies and investing in human capital will be the main challenges for the country's economy in the next few years. This was said on May 13 by former deputy prime minister and economy minister Lydia Shuleva at a discussion on the current state and further development of Bulgaria. The event was organised by Industry Watch, an independent analytical company.
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