 International recognition
After just one year of resolute and consistent governance Bulgaria has achieved significant international support. The IMF works in close cooperation with the Bulgarian authorities in all spheres where reforms are to be launched. In the fall of this year Board of Directors of the IMF is expected to approve a new extended three-year standby agreement with Bulgaria.
Putting an end of long lasting negotiations The World Bank approved a Financial and Enterprise Sector Adjustment Loan (FESAL) amounting to a total of $100m at the beginning of 1998. In May The World Bank approved a new three-year funding strategy for the country amounting $300m-$700m, depending upon the country's needs and success in implementing reforms. Moreover, Bulgaria reached an agreement with the EU on a balance-of-payments support loan worth 250m ECU (270m dollars).
In the middle of this year Sofia became a member of CEFTA (Central European Free Trade Agreement). There were long and exhausting negotiations with Russia’s Gazprom regarding long-term gas deliveries to Bulgaria and at last both parties reached a satisfactory contract. Bulgaria's country ceiling for long-debts was upgraded by Moody's Investor Service.
In fact Bulgaria met the main economic criteria
for EU membership - fiscal deficit of less than
3% of GDP, low inflation, low interest rates, with
only its debt/GDP ratio still to be put into the
limit. |
Bulgaria has dozens of bilateral double-taxation treaties and for protection and mutual promotion of investments. "We are in the last phase of the agreement between the Republic of Bulgaria and the United States for avoiding double taxing. Signing such agreement will be something very important especially in terms of investors", Muravei Radev, Minister of Finance explains.
Bulgarian efforts to reform the society and the economy looks quite interesting from the point of view of an American businessmen. Lyndell Grey is CEO of Grey
& Associates and has been in Bulgaria since 1988, experiencing all the changes in the country. "Unfortunately it has not moved fast and it also has not exactly been an open market. People who have connections, people who have powerful influence in the country have had a disproportionate opportunity to purchase private companies. Yet , this country still does not have the necessary infrastructure. But the potential is here and those problems will be solved. It is a question of time. This government has had a lot of problems getting started but they are moving in the right direction. I am very optimistic about the future of Bulgaria. There is a lot of potential here, great opportunities for manufacture and production at less expensive prices".
Christopher Zimmer , Representative for LUFTHANSA in Bulgaria gives more details :
"I would like to encourage your readers to have confidence in this country because most people abroad have negative ideas about Bulgaria. My message will be that there are possibilities here for new business activities, for finding new challenges, for combining all this with the open attitude of the people here. Here is the place to combine business with pleasure" |
BULGARIA, 
