Bulgaria: First Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria — Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Bulgaria

· International Monetary Fund
Ebook
92
Pages

About this ebook

Bulgaria’s First Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria are discussed. With macroeconomic conditions expected to remain favorable, competitiveness at an adequate level, and a lower current account deficit, concerns about external vulnerability have lessened somewhat. Nonetheless, policies must remain prudent, and the program for 2005 envisages some fiscal easing, a slowdown in credit expansion, and reinvigorated structural reforms. The authorities have agreed to tighten the fiscal stance at the time of the second review if external current account developments are weaker than expected.

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