World Bank: Bulgaria Should Avoid 2009 Budget Deficit

Florian Fichtl, the World Bank representative for Bulgaria, has stated that the country should avoid finishing the year with a budget deficit.

Fichtl said that Bulgaria should aim to finish 2009 with a balanced budget. He warned that if a budget deficit is recorded this year, further foreign investors will be put off from entering the Bulgarian market.

Fichtl concluded that Bulgaria needs to start absorbing the available EU funds effectively if it is to avoid problems with its economy and if it is to attract more foreign investments. He said "It is important that reforms take place as fast as possible, as this will lead to a more effective spending of money"

On April 22, the IMF warned the Bulgarian government should sharply cut spending to avoid slipping into a 1% budget deficit at the end of this year.

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