16.07.2012

Deputy Minister of Finance Boryana Pencheva took part in a discussion devoted to job creation in Bulgaria organized by the International Monetary Fund (IMF) and the International Labour Organisation (ILO). \"All the policies contributing to enhancing the productivity, employment and standard of living are enshrined in the National Reform Programme, i.e. improved infrastructure, competitive youth, better business climate and greater trust in government institutions\", said Boryana Pencheva. She presented the macroeconomic data and the potential drivers for economic growth in Bulgaria.

The state will continue implementing active policies aimed at urging higher employment and reduced unemployment, pointed out Boryana Pencheva. \"The Government also pays attention to innovation which is of key importance for improving the competitiveness of Bulgarian economy. The companies\' access to financing in this field has been improved through the JEREMIE Fund and through increasing the lending resources of the Bulgarian Development Bank. Bulgaria is among the few EU members that have achieved financial consolidation and have made key reforms\", added Mrs. Pencheva. Despite the external factors, our country is one of the ten with highest GDP growth per capita per purchasing power standard. \"The structural reforms and the predictable tax policy will continue improving the competitiveness and productivity of the economy, thus providing for a sustainable economic growth in the long run and a better standard of living in Bulgaria\", believes Boryana Pencheva.

The Deputy Minister of Finance also commented that the extremely positive assessment given by the international investment community in the issuing of the 5-year euro bonds on 2 July had influenced the domestic market as well. A record low yield of 4.73% was registered in the third reopening of the priority issue with an original maturity of 10.5 years, with demand exceeding supply by almost five times. Mrs. Pencheva pointed out that this auction for the placement of GS on the domestic market, which was the first one after the successful return of Bulgaria to the international capital markets, was successful in terms of the two key indicators measuring investor confidence, i.e. auction yield and investor interest.