Finance Minister Vassilev Confirms Bulgaria's 2025 Eurozone Entry Target

In a significant diplomatic engagement at the International Monetary Fund (IMF) headquarters in Washington, Bulgaria's Finance Minister Asen Vassilev engaged in a comprehensive discussion with Managing Director Kristalina Georgieva, underscoring the nation's steadfast commitment to joining the Eurozone by January 1, 2025. The dialogue, marked by a thorough examination of Bulgaria's preparedness for Eurozone integration, delved into multifaceted aspects ranging from the technical readiness of critical sectors to the strategic implementation of a public information campaign aimed at garnering societal support for the impending transition.

Minister Vassilev articulated Bulgaria's robust fiscal standing, highlighting the nation's praiseworthy debt-to-GDP ratio of 22%, positioning it favorably among its European counterparts. Additionally, with Bulgaria's budget deficit for 2023 recorded at a commendable 2.2% of GDP and a projected deficit of up to 3% for 2024, the country demonstrates a disciplined adherence to the Maastricht criteria, a fundamental prerequisite for Eurozone accession. However, Vassilev acknowledged the prevailing challenge concerning Bulgaria's divergence from the inflation reference value, signaling the imperative for concerted efforts to address this discrepancy.

Despite this notable hurdle, Minister Vassilev reassured Georgieva of Bulgaria's proactive approach in combatting inflation through targeted governmental initiatives. With an unwavering commitment to the Eurozone entry target of 2025, Bulgaria reaffirms its dedication to fostering economic stability and solidifying its integration within the European Union, marking a pivotal milestone in the nation's economic trajectory.

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