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Bulgaria Staff Report for the 2013 Article IV Consultation

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries.

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  • "In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries."@en
  • "This 2015 Article IV Consultation highlights that Bulgaria achieved modest economic growth in 2014, which is expected to continue in 2015, albeit at a lower rate. Consumer prices declined by an average 1.6 percent in 2014, among the sharpest contractions in the European Union, but are projected to turn positive late in the year. The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure. The budget targets a 3 percent of GDP deficit in 2015, and a further 0.5 percentage point reduction per year in coming years. Measures to improve the compos."@en
  • "In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country."@en
  • "This Selected Issues paper examines inflation dynamics in Bulgaria from January 2012 to February 2015 and highlights some stylized facts about inflation in the country. January 2012 to February 2015 is the most relevant period for identifying factors contributing to recent deflation in Bulgaria, as well as their relative importance. Regression analysis suggests that during this period the inward spillover of low inflationary pressure from the European Union to Bulgaria has been the most significant factor, which was further exacerbated by consecutive electricity price cuts in 2013 and fast-fal."@en
  • "KEY ISSUES Context. Macroeconomic and financial stability has been maintained despite the difficult environment globally-especially in neighboring Greece-and recent domestic discord, but growth remains tepid and unemployment high. Ambitious (and politically challenging) reforms are needed to achieve Bulgaria's objective of more rapid income convergence with Europe. Outlook and risks. Domestic demand is projected to recover gradually while exports and foreign direct investment are expected to benefit from recovery in Europe. The domestic social and political situation and continued uncertainty about the outlook for external partners present downside risks. Fiscal policy. The unchanged structural stance under the 2014 budget, which sets the deficit close to national fiscal limits, strikes an appropriate balance given low projected growth and a strong underlying fiscal position on the one hand and the importance of maintaining fiscal credibility (particularly in the context of the currency board) on the other. The budget is subject to implementation risk, especially as revenues may fall short of target. The intended increase in capital spending should be accompanied by appropriate project selection and monitoring procedures. Medium-term risks-in particular related to pensions and state-owned enterprises-will need to be addressed. Financial sector policies. The financial system remains well-capitalized and liquid, but profitability is low. Gradual reduction of nonperforming loans through asset disposal will be important to reduce asset price uncertainty and support future investment. Structural policies. Progress in addressing institutional and broader structural gaps (including those that contribute to corruption and cronyism) is needed to set the foundation for stronger growth and job creation. Previous IMF advice. Policy implementation has generally been consistent with IMF recommendations. Prudent fiscal and supervisory policies have been pursued, allowing macroeconomic and financial stability to be maintained. However, recent reforms to strengthen the sustainability of the pension system have been reversed, and the bold structural reforms needed to accelerate growth require new momentum."@en
  • "Bulgaria: Fourth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criteria - Staff Report; Staff Statement Press Release on the Executive Board Discussion; and Statement by the Executive Director for Bulgaria."@en
  • "KEY ISSUESContext. Macroeconomic and financial stability has been maintained despite the difficultenvironment globally?especially in neighboring Greece?and recent domestic discord, but growth remains tepid and unemployment high. Ambitious (and politicallychallenging) reforms are needed to achieve Bulgaria's objective of more rapid incomeconvergence with Europe. Outlook and risks. Domestic demand is projected to recover gradually while exportsand foreign direct investment are expected to benefit from recovery in Europe. Thedomestic social and political situation and continued uncertainty about th."@en

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  • "Electronic books"@en
  • "Electronic books"

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  • "Bulgaria Staff Report for the 2013 Article IV Consultation"@en
  • "Bulgaria"@en
  • "Bulgaria"

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