23.09.2009

The final meetings between representatives of the Bulgarian Government and the IMF mission, which visited Sofia in the period 10-21 September, took place on 21 September.

The findings of the mission to a large extent coincide with the assessments and views of the new Government about the economic environment situation in 2009 and the perspectives for Bulgaria's development in 2010:

• the IMF gives a more optimistic forecast for the economic growth compared to the forecasted in the spring downturn of 7%; their estimates now for a drop of 6.5% are closer to the Ministry of Finance projection of 6.3% underpinning the planning of balanced budget;
• the forecast for a drop of 2.5% of the economy in 2010 is close to the estimates of the Government for a drop of 2% underpinning the 2010 draft budget;
• the mission concluded that without the additional measures taken by the new Government the 2009 fiscal deficit would have been in excess of 3.5% of GDP;
• given the timely measures of the present Government the IMF forecast is for a "minor" deficit in 2009;
• the 2010 deficit forecasted by the IMF is 2%, but the mission emphasizes that the Government is determined to achieve a balanced budget.

The Government expresses its appreciation to the IMF for the accepted invitation to visit Bulgaria, the constructive dialogue and the recommendations made.