14.10.2013

Minister of Finance Petar Chobanov took part in the regular Annual Meetings of the Board of Governors of the World Bank Group (WBG) and the Boards of Governors of the International Monetary Fund (IMF) in Washington, DC, between 11 and 13 October. In meetings with the Executive Director of the IMF Dutch Constituency Group Menno Snel and with the Executive Director of the WBG Dutch Office Frank Heemskerk Minister Chobanov discussed the reforms implementation and the main priorities of both international financial institutions, as well as the Government\'s financial and economic program. The Bulgarian Minister of Finance stated that the cabinet was working for restart of the economy and for measures to lower the administrative burden for the businesses and the citizens. Among the priorities he also mentioned the drafting of the 2014 budget, as well as the measures to solve the most urgent social problems in the country. The Government\'s commitment to maintain the Currency Board Arrangement and the financial stability has also been confirmed.

During his meeting with the Bulgarian delegation the Director of the IMF European Department Reza Moghadam has appreciated as very good the basic macroeconomic indicators of the country which is a crucial precondition for investment and accelerating economic activity. Minister Chobanov outlined as first priority the implementation of active and quick measures, legislative including, to strengthen business environment and competitiveness, as well as to improve the confidence in government institutions.

The Minister of Finance signed in Washington DC on behalf of Bulgaria also the Agreement for Settlement of Republic of Guyana debt to Republic of Bulgaria, which on behalf of Guyana was signed by Minister of Finance Dr. Ashni Singh. As of the end of 2012 the liabilities of Guyana to Bulgaria arising from a Barter Protocol of 1984 amounted to almost US$ 3.226 million. Since 2004 Guyana has had the status of \"a highly indebted and poor country\" as a result of which the Paris Club creditors have provided 90% reduction on the country\'s debt. The Agreement provides for actual receipt of the maximum amount possible of Guyana\'s debt to Bulgaria within a 3-year period. The remaining debt is granted as official development assistance in a sector of priority for Guyana whereby Bulgaria meets an engagement within the international development policy and cooperation.

Minister of Finance Petar Chobanov is the Governor for Bulgaria in the WBG and members of the Bulgarian delegation are also the Bulgarian National Bank Governor and Governor for Bulgaria in the IMF Ivan Iskrov and the BNB Deputy Governor Tsvetan Gunev.