שר האוצר הבולגרי מכריז המשבר נגמר

 BULGARIAN FINANCE MINISTER DECLARES END OF CRISIS

 

Finance, May 29, 2010, Saturday:

 

Bulgaria’s Deputy Prime Minister and Finance Minister, Simeon Djankov, declared the end of the economic crisis and offered an optimistic forecast about increased revenues.

 

 

 

 Djankov spoke Saturday in an interview for Darik radio

 

“The crisis ended in April; the decline in the industrial production stopped; export is going up for the 6th month in a row; employment is down, below 10%; banks increased landing,” the Minister stated, adding as far as revenues are concerned, their increase is to be expected 6 months from now.

 

 

Djankov announced the updated budget for 2010 is going to be submitted with the Parliament next week and will be discussed in plenary hall between June10 and 15. He forecasted a budget deficit by the end of 2010 in the amount of BGN 2 B and vowed the more conservative forecast of BGN 3.2 B would not materialize. The Minister backed the cabinet’s decision to fill the budget gap by using the fiscal reserve as the best move in times of crisis since the reserve is the less expensive financial resource and assuaged fears of depleting it.

 

The Deputy PM reiterated Bulgaria is not leading any negotiations with the International Monetary Fund (IMF) and the issue is not on the table at all, but said he would not back off from the request to shrink expenditures to a maximum.

 

Djankov further stood firm behind his idea which led to a serious increase of cigarette excise and prices in Bulgaria, saying the results will be seen in the next months and years and rejected accusations on the part of the opposition that the move had only increased the contraband.

 

The Finance Minister further rebutted another claim of the opposition – that foreign investors are leaving Bulgaria, pointing out Bulgaria is average in the European Union by this index.

 

Djankov vowed to continue the public sector reform on the grounds times of crisis are best for making changes.

 

The Minister firmly rejected reports that he might be discharged from his post and forced to return back to the US as rumors and countered he is actually planning a second term in office since this is the minimum time needed to solve Bulgaria’s main problems.

 

The Deputy PM outlined as a crucial task for the second term the building of infrastructure in Northern Bulgaria, including finishing the “Hemus” highway, adding after 2017 he will focus on his family.