Stable Finances Not Enough for Growth - Bulgarian PM

A stringent fiscal policy is a must, but it cannot of itself guarantee economic growth, stated Bulgaria's PM Plamen Oresharski.

This was the Bulgarian PM's chief message during his addres at the ongoing Annual Meeting of the New Champions, aka The Summer Davos, held in Delian, China.

"Both before and during the finanical crisis Bulgaria upheld a strict fiscal policy and achieved low deficit and a small debt," said Oresharski.

"But this has had the effect to slow down structural reforms in our country," added he.

"The most important lesson from the last 5 or 6 years is that a stable monetary and fiscal policy is a necessary, but not a sufficient condition for sustainable economic development. I think we can all see that now," said the Bulgarian PM.

In his address, Oresharski reiterated his hopes for an intensification of investment and trade relations between Bulgaria and China.

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