The International Monetary Fund (IMF) said on March 1 that Bulgaria was likely to miss the Government target for Budget deficit in 2010. An IMF mission completed a regular Article IV review of Bulgaria's economy on March 1. The mission's head, Bas Bakker, told reporters in Sofia that the Fund forecast the Budget deficit at 1.8 per cent of gross domestic product (GDP), compared to the 0.7 per cent Government target. Bakker said that meeting the Cabinet target would be "a real challenge".
Bulgaria’s economy will worsen even further in the next 12 months, more than half of those polled in a Gallup International opinion survey said, according to media reports on March 1, 2010. The poll is the latest in a series of separate surveys exposing worries about a worsening economy, job losses and diminished spending power in Bulgaria - with the only bright note being that most Bulgarians believe that the current Government is serious about fighting crime. The Gallup poll found that confidence in Bulgarian Prime Minister Boyko Borissov’s Cabinet was, at 39 per cent, three per cent lower in February than in January, although Borissov continued to be the most popular politician in the country.
EU anti-fraud office Olaf launches website for corruption tip-offs
Corruption and fraud can now be reported via the Internet, even anonymously, the European Commission said on March 1 2010. A new electronic system - "Fraud Notification System" (FNS) - will make it easier and more secure for vigilant citizens and EU civil servants to report suspicious cases to the European Anti-Fraud Office (Olaf). The new portal (FNS) was going online on March 1, the EC said.
European Union Monetary Affairs Commissioner Olli Rehn, in Athens today for crucial talks with government officials about the country’s spiraling budget deficit, is expected to press authorities into pushing through additional austerity measures aimed at raising an extra 3.5 billion euros in exchange for some form of emergency aid from the EU. Media speculation about the exact nature of the additional measures being sought by Brussels peaked over the weekend as government officials have not confirmed, nor denied, rumors regarding additional tax hikes and wage cuts.
Tomorrow is Liberation Day, the National Day of Bulgaria. The date marks the conclusion of the San Stefano Peace Treaty (1878), and the end of the Ottoman rule in Bulgaria. Happy National Day!
Piraeus Bank Bulgaria is part of an agreement for 120 million Euro credit line from European Investment Bank
NEW 40 MILLION EURO FOR BULGARIAN SMALL AND MEDIUM ENTERPRISES Piraeus Bank Group announces the extension of its cooperation with the European Investment Bank (EIB). The European Investment Bank grants €120 million more to Piraeus Bank Group, to finance Small and Medium Sized Enterprises (SMEs) in 4 countries, Albania, Bulgaria, Romania and Serbia. Piraeus Bank Bulgaria will be able to use 40 million euro from the loan agreement. Following the signed agreement, Piraeus Bank Bulgaria will finance small and medium enterprises at competitive interest rates. Maximum amount of a loan could be EUR 12.5 million and based on the specifics of the project, a grace period could be negotiated and the minimum repayment term is set to 2 years. Depending on the scale of a project, the maximum repayment term could be extended to up to 10 years. The loans will be disbursed to small and medium companies for the implementation of projects related to industry, services and tourism, agriculture, health, education, and for initiatives for protection of the environment. The financing could be used for purchase of technological equipment, development of new products or enhancement of distribution network, acquisition of patents, mid and long-term working capital financing.
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