Bulgaria Finance Minister in DC: Budget Surplus Will Be 1%

Bulgaria's Finance Minister Oresharski has assured the IMF and the World Bank Bulgaria would still have a budget surplus despite the economic crisis. Photo by bgnes

Despite the effects of the global financial crisis, Bulgaria is going to have a 1% budget surplus in 2009.

The Bulgarian Minister of Finance, Plamen Oresharski, has assured the International Monetary Fund and the World Bank of that during the spring meeting of the two institutions in Washington, DC.

This is a departure from the earlier official prognoses, which put the Bulgarian budget surplus for 2009 at 3%.

Oresharski has told the IMF and the World Bank that the Bulgarian government was going to continue with its surplus policies in the face of the shrinking exports and imports, the reduction of state revenue, and the expected growth decline.

During his meetings with representatives of the US Treasury Department, the Bulgarian Finance Minister has pointed out that the Bulgarian bank system was still registering profits.

Oresharski has also said in Washington that Bulgaria had a relatively good fiscal position amidst the global crisis, and had strong financial buffers, which were the result of the prudent government policies during the years of economic boom.

The prognosis of the IMF and the World Bank is that the global crisis might turn out to be deeper than expected. According to the IMF head, Dominique Strauss-Kahn, it was really hard to make any predictions since the situation was changing every day.

 

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