Bulgarian EconMin Blasts S&P over Downgrade

Bulgarian Economy and Energy Minister Dragomir Stoynev. Photo by BGNES

Bulgaria’s Economy Minister has criticized Standard & Poor’s over the downgrade of the outlook on the country's credit ratings from “stable” to negative.”

Dragomir Stoynev has accused the credit agency of commenting the situation in the country “in a purely political manner,” news website Dnevnik.bg informs.

“If there was some critique towards the government’s economic or social policies, this would have been completely normal. But I cannot accept purely political (comments),” the Economy Minister said.

According to S&P, Bulgaria's growth prospects are being challenged by anemic domestic demand, resulting from low credit growth, constrained investment growth and still-high unemployment, as well as by the complex political climate, which could slow reforms.

S&P's report noted on Friday that the improvement of Bulgarian political climate would strengthen the institutions’ functions and would increase the economic growth prospects, which, in turn, would have a favorable impact on the country's credit rating.

Bulgaria’s Socialist-led government has survived despite over six months of relentless, amd sometimes massive, anti-corruption protests. Opposition parties have repeatedly called for early elections in the spring of 2014.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!