Good Economic News for IMF
On Wednesday the regular mission of the International Monetary Fund to Bulgaria began. It is to assess the current state of the Bulgarian economy. It seems that Bulgarian authorities will pleasantly surprise the international financial experts because not only Prime Minister Boyko Borissov but even his political opponents as well as independent experts say the Bulgarian economy has not been in such a good shape for a long time.
The team of experts from Washington headed by Reza Baqir comes in the right moment - just after the successful completion of bank stress tests. recent checks showed that the country's banks are stable, healthy and even thrive despite near-zero interest rates. Some 460 million euros of revenues for seven months is a very good achievement for financial institutions. This fact can only impress experts of the fund, who are particularly sensitive on the topic of Bulgarian finances. The situation in the sphere of public finances also seems very good and revenues to the state have been steadily growing. This is news that the IMF experts will surely be glad to hear.
Positive data are complemented by a number of facts and figures which used to seem virtually utopian some time ago. Bulgaria has achieved a remarkable by European standards GDP growth of 3 percent and a record low unemployment level of around 7%. Bulgarian authorities will not fail to point out the giant for this country fiscal reserve of over 6 billion euros, as well as the unprecedented boom of tourism.
BNR