IMF 'Ready to Help' Bulgaria

Finance | July 1, 2014, Tuesday // 11:22|  views

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The International Monetary Fund is ready to help Bulgaria, an IMF spokesman has said.

His words come as the country is seeking to safeguard the stability of its banking system.

However, the IMF underscores that the EU has already provided BGN 3.3 B of liquidity support to Sofia and also that Bulgaria has a stable capital basis, the institution's statement was quoted by private TV channel bTV.

IMF does not consider it likely that developments in two of Bulgaria's banks over the last weeks could spill over to the region.

"The Bulgarian authorities, in coordination with the European Commission, are taking steps to stabilize the banking system," the Global Post quoted the spokesperson as saying.

He added that "the banking system in Bulgaria is well capitalized and liquid."

On Saturday, opposition GERB leader Boyko Borisov called on the IMF to grant a loan to Bulgaria so that the country could strengthen its banking system.

Central bank BNB later urged politicians to avoid comments that heighten tensions.

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Tags: IMF, Bulgaria, EU, Boyko Borisov, liquidity support, banking system, BNB


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