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Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement

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  • International Monetary Fund

Abstract

In 1999, Executive Board deliberations on Bulgaria focused on the need for the authorities to persevere with structural reform. Under the currency board arrangement introduced in mid-1997, Bulgaria has achieved macroeconomic stabilization and made substantial progress in structural reform. Banking supervision has improved markedly. Executive Directors stressed the importance of wage moderation and flexible labor markets for maintaining competitiveness and reducing unemployment. The emerging private sector also faces many obstacles, including burdensome bureaucracy and red tape, weak governance, and a banking system hesitant to extend credit.

Suggested Citation

  • International Monetary Fund, 2000. "Bulgaria: Staff Report for the 1999 Article IV Consultation and Third Review Under the Extended Arrangement," IMF Staff Country Reports 2000/053, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2000/053
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=3520
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    Cited by:

    1. Bernhard Reinsberg & Alexander Kentikelenis & Thomas Stubbs & Lawrence King & Centre for Business Research, 2018. "The World System & the Hollowing-out of State Capacity: How Structural Adjustment Programs Impact Bureaucratic Quality in Developing Countries," Working Papers wp503, Centre for Business Research, University of Cambridge.

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