Bulgarian Finance Ministry Rebuts Crisis HQs Report

The forecast for economic growth in Bulgaria in 2011 is for 3.6%. File photo

Bulgaria's Finance Ministry is heading a Consulting Council for Financial Stability which constantly monitors the recovery of the economy and global markets.

The information was announced Monday for the Bulgarian Dnevnik daily by the Ministry's press center regarding earlier reports that the US debt crisis and crashing stock exchanges have imposed the establishment of crisis headquarters.

The Finance Ministry firmly rejects the above information and the news about the inclusion of Deputy Finance Ministers, Vladislav Goranov, and Boryana Pencheva, experts from the Ministry's Analysis Department and from the Central Bank, BNB, in the crisis headquarters.

The Consulting Council has Puncheva as a member along with the BNB Head, Ivan Iskrov, the Head of the Financial Supervision Commission, Stoyan Mavrodiev while Finance Minister, Simeon Djankov, is its Chair, according to the press center, which points out the Council has been established in 2004 while its functions had been expended recently to align them with the coordinated economic policies of the EU.

The Finance Ministry further informs there are no changes in the planned 2012 State budget approved by the cabinet in April where the economic growth forecast if for 3.6% next year and 4.1% for 2013 while inflation would be 3.85% and 3.35%, respectively.

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