Romanian Media: Bulgaria's FinMin Crisis Solution

Bulgaria's Finance Minister, Simeon Djankov, told the Romanian Daily “Adevarul” Bulgaria is seeing the end of the economic crisis. Photo by BGNES

The Romanian Daily “Adevarul” published Wednesday an interview with Bulgaria's Finance Minister, Simeon Djankov, titled “Bulgaria's Solution for the Crisis.”

The information was reported by the Bulgarian Finance Ministry.

In the interview Djankov says the Bulgarian cabinet will not reduce salaries and retirement pensions, because Bulgarians have been subject to austerity measures since the distant 1997.

The publication points out salaries and pensions in Bulgaria are lower than those in Romania, but are not in danger of going down now.

“We are not at a point to reduce salaries and pensions. I lowered administrative expenses and the number of those employed in the public sector by 11% in 7 months, which will lead to 1% economic growth in 2010,” Djankov is quoted saying.

When asked if Bulgaria is seeing the end of the crisis now, the Minister responds affirmatively, but points out the situation regarding collecting revenues remains difficult and the country needs another 2-3 months in order to notice a growth in public revenues.

Djankov has worked for the World Bank for 11 years and has experience in countries in South Asia, in Russia and Argentina, precisely when they were facing some very tough times, the article points out.

Romania has seen some of its largest public discontent rallies since the fall of Communist leader, Nicolae Ceausescu, over the government's proposal of wage cuts of 25% and retirement pension cuts of 15% in order to reduce the country's budget deficit. Romania's economy shrunk more than 7% last year and it received a USD 25 B IMF bail-out.

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