[size=75:3mo00iwz]Bulgaria Gazette Tuesday, 17 November 2009

PM Borisov: Bulgaria economy will start to recover in 2011

The Bulgarian economy will start to recover in 2011 according to Bulgaria Prime Minister Boyko Borisov.

Borisov was speaking during the parliament debate at the first reading of the draft 2010 State Budget bill proposed by the center-right GERB government and Finance Minister Simeon Djankov.

He presented the main parameters of the government’s economic policy for 2010 stating that GERB will ensure that spending is kept under control. Borisov set the main objective of maintaining fiscal stability.

He added that “the Government will follow the policy that helps the European development of Bulgaria… we are committed to maintaining a balanced budget, which includeds EU funds and programs…Maintaining the currency board arrangement, prudent fiscal policy and a stable banking system will create the most adequate conditions for economic recovery and are important in our negotiations for accession to ERM-2.”

Borisov concluded;
“As a result of the later manifestation of the negative effects of the crisis in Bulgaria the estimate for the national economy in 2010 is for a 2% downturn. Restoration of the positive development of the economy is expected to begin in 2011.” He added that that pension payments would be updated depending on the country’s economic development in 2010 but that the macro framework provided no increase in pensions.

Meanwhile Bulgaria Finance Minister Simeon Djankov said that the draft 2010 budget was the most difficult to prepare over recent times because of the wastefulness of the ex ruling coalition and the global financial crisis.

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Thank for that Ash Good post: Lets hope all goes to plan [You must be registered and logged in to see this image.]

Oddy