Bulgaria's debt
Bulgaria’s state and state-guaranteed debt at end-February stood at 6.5 billion euro, including 1.49 billion euro internal and 5.01 billion euro external debt, the Finance Ministry said on April 16. In nominal terms the debt was reduced by 90.5 million euro month-on-month as a result of the pre-term repayment of part of the obligations to the International Monetary Fund. At the end of the reported period, the share of the state and the state-guaranteed debt in the total amount of GDP by forecast-GDP data for 2006 stood at 27.9 per cent. This is an absolute reduction of 0.3 percentage points as compared to the previous month. In terms of ratio-to-GDP, the share of the foreign debt stands at 21.5 per cent and that of the domestic debt, at 6.4 per cent of GDP.
With Economy and Energy Minister Roumen Ovcharov chairing, the Economic Policy Council with the Government on April 12 discussed the World Bank’s Country Partnership Strategy (CPS) for Bulgaria for the 2007-2009 period. The document, which supersedes the Country Assistance Strategy (CAS), aims at assisting Bulgaria in the process of EU accession and the provision of quick integration with EU member states. The CPS credit portfolio is up to $300 million a year. The funds will be used in priority areas: implementation of financially sustainable investment programmes in infrastructure, decreasing regional differences, support for the efficient usage of EU funds and others. The World Bank’s analysis on the country’s policy shows that the Bulgarian Government’s programme is focused on the EU accession with emphasis on guaranteeing economic growth and stability.
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