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In April 1997, the current ruling Union of Democratic Forces (UDF) government won pre-term parliamentary elections and introduced an IMF currency board system which succeeded in stabilizing the economy. The triple digit inflation of 1996 and 1997 has given way to an official consumer price increase of 6.2% in 1999. Following declines in GDP in both 1996 and 1997, the economy grew an officially estimated 3.5% in 1998 and 2.5% in 1999. In September 1998, the IMF approved a three-year Extended Fund Facility, which provides credits worth approximately $900 million, designed to support Bulgaria's reform efforts. In 1999, an unfavorable international environment - primarily caused by the Kosovo conflict - and structural reforms slowed economic growth, but forecasters are predicting accelerated growth over the next several years. The government's structural reform program includes: (a) privatization and, where appropriate, liquidation of state-owned enterprises (SOEs); (b) liberalization of agricultural policies, including creating conditions for the development of a land market; (c) reform of the country's social insurance programs; and (d) reforms to strengthen contract enforcement and fight crime and corruption. |
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In April 1997, the current ruling Union of Democratic Forces (UDF) government won pre-term parliamentary elections and introduced an IMF currency board system which succeeded in stabilizing the economy. The triple digit inflation of 1996 and 1997 has given way to an official consumer price increase of 6.2% in 1999. Following declines in GDP in both 1996 and 1997, the economy grew an officially estimated 3.5% in 1998 and 2.5% in 1999. In September 1998, the IMF approved a three-year Extended Fund Facility, which provides credits worth approximately $900 million, designed to support Bulgaria's reform efforts. In 1999, an unfavorable international environment - primarily caused by the Kosovo conflict - and structural reforms slowed economic growth, but forecasters are predicting accelerated growth over the next several years. The government's structural reform program includes: (a) privatization and, where appropriate, liquidation of state-owned enterprises (SOEs); (b) liberalization of agricultural policies, including creating conditions for the development of a land market; (c) reform of the country's social insurance programs; and (d) reforms to strengthen contract enforcement and fight crime and corruption. |
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