Bulgaria: First Review Under the Stand-By Arrangement and Request for Waivers of Nonobservance of Performance Criteria

Volume/Issue: Volume 2005 Issue 169

Publication date: May 2005

ISBN: 9781451804515

$20.00

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , surplus , financing current account deficit , trade datum , end-February credit stock , credit growth , expenditure restructuring , GDP relative , Credit , Current account

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Summary

Bulgaria’s First Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria are discussed. With macroeconomic conditions expected to remain favorable, competitiveness at an adequate level, and a lower current account deficit, concerns about external vulnerability have lessened somewhat. Nonetheless, policies must remain prudent, and the program for 2005 envisages some fiscal easing, a slowdown in credit expansion, and reinvigorated structural reforms. The authorities have agreed to tighten the fiscal stance at the time of the second review if external current account developments are weaker than expected.