Bulgaria is the next EU member to get IMF aid

The Bulgarian government that emerges after the general elections on July 5 will seek international assistance to repay the country’s short-term debt, predicted Peter Brezinschek, chief economist of Raiffeisen Centrobank SA.
The ruling coalition comprised of the BSP, MRF and NMSP and led by socialist Prime Minister Sergey Stanishev may well be defeated by Borisov’s GERB, which won the European Parliament elections on June 7 according to poll turnouts. Borisov maintains that Bulgaria needs to sign a deal with the IMF urgently.
“There are informal discussions with the IMF -- this is not official yet, they haven’t reached a conclusion,” Brezinschek said in an interview in New York. “After the elections, a new government will be in power and we’ll have an official announcement that Bulgaria will get backing from the IMF in concurrence with the European Union.”
Bulgaria, like Latvia and Belarus, lacks sufficient funds to cover debts this year and may have to tap “official sources” for more capital, the World Bank reported on June 22. The Balkan state, which joined the EU in 2007 and utilizes a currency board, will have “the majority of the short-term refinancing needs met by the financial aid from the IMF,” Brezinschek said.
Gross foreign debt is equivalent to 107 percent of the economy and foreign reserves slumped 16 percent in the second half of last year. The budget surplus fell 83 percent in the first four months to 352 million lev ($249 million) and may be wiped out by year-end.

Text source and image: frognews.bg

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