Kristalina Georgieva Optimistic about Bulgaria's Entry into Eurozone in 2025

Speaking at a briefing in Sofia, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), expressed optimism about Bulgaria's potential entry into the Eurozone by 2025. When asked about the feasibility of Bulgaria joining the Eurozone on January 1, 2025, Georgieva emphasized that the crucial aspect is Bulgaria's eventual membership, rather than fixating on a specific date.

Georgieva underscored the benefits of Bulgaria's accession to the Eurozone, stating that it would enhance the country's economic competitiveness, reduce transaction costs in trade and finance, and attract investments. She highlighted ongoing efforts to ensure Bulgaria meets all necessary criteria for Eurozone membership by the end of the year, suggesting that entry into the Eurozone could realistically occur in 2025.

Regarding Bulgaria's economic outlook, Georgieva noted positive growth and a decline in inflation. Despite challenges posed by global shocks such as the COVID-19 pandemic and the war in Ukraine, Bulgaria has managed to maintain positive economic growth. Georgieva acknowledged that inflation remains a concern, attributing it to external factors beyond Bulgaria's control.

Georgieva urged the Bulgarian government to carefully manage economic instruments to mitigate the impact of inflation, emphasizing the importance of addressing inflation for the well-being of the population, especially the most vulnerable.

Details about Bulgaria's economic performance and forecasts will be provided at the conclusion of the IMF's expert mission visiting the country on March 19. Georgieva commended Bulgaria's resilience in the face of economic challenges, highlighting its ability to sustain growth and manage inflationary pressures amidst global uncertainties.

In summary, Georgieva's remarks reflect confidence in Bulgaria's economic prospects and its potential accession to the Eurozone, underscoring the importance of prudent economic policies in navigating ongoing challenges.

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