A preliminary mission for an update of Bulgaria's Financial Sector Assessment Programme (FSAP) due in 2017 started on Tuesday, the Finance Ministry said in a press release.
The mission continues until July 8 and includes representatives of the International Monetary Fund (IMF), the World Bank, the Finance Ministry, the Financial Supervision Commission, the Bulgarian National Bank, the Bulgarian Deposit Insurance Fund, auditors conducting the quality assessment of banks assets and of the assets in the non-banking sector. The preliminary mission will determine the exact scope of the assessment. The assessment itself will be performed during a two-week mission due at the end of 2016 and the beginning of 2017.
Finance Minister Vladislav Goranov Tuesday conferred with the heads of the mission from IMF and from the World Bank, Michael Moore and Ilias Skamnelos. Goranov said that FSAP will strengthen the ongoing assets quality review (AQR) in the banking system. He noted that the outcomes of the FSAP and AQR would be a good prerequisite for future talks on Bulgaria's further integration in the common European processes.