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Bulgaria: Selected Issues Paper

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  • International Monetary Fund

Abstract

This paper highlights Bulgaria’s state-owned enterprises (SOEs) sector and to assess its performance in a regional perspective. A detailed and rich firm-level dataset of state-owned and private firms was compiled for this note to compare key performance indicators of SOEs to private firms in the same sector and to similar firms in Croatia and Romania for a regional comparison. In some network industries, such as energy, SOEs are heavily loss-making. Large amounts of debt have been piled up notably in the energy and transport sectors which, to the extent that it is classified outside the general government accounts, can pose significant risk to public finances in the form of contingent liabilities if the SOEs run into financial difficulties. SOE profitability and resource allocation efficiency largely lag private firms in the same sectors, even when isolating SOEs engaged in competitive market activities and hence classified outside of general government. Coupled with comparably poor output quality, these challenges have the potential to impair competitiveness and productivity across the economy.

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  • International Monetary Fund, 2016. "Bulgaria: Selected Issues Paper," IMF Staff Country Reports 2016/345, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2016/345
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    1. Luisa Carpinelli & Giuseppe Cascarino & Silvia Giacomelli & Valerio Vacca, 2017. "The Management of Non-Performing Loans: A Survey among the Main Italian Banks," Politica economica, Società editrice il Mulino, issue 2, pages 157-188.
    2. Jean-Charles Bricongne & Maria Demertzis & Peter Pontuch & Alessandro Turrini, 2016. "Macroeconomic Relevance of Insolvency Frameworks in a High-debt Context: An EU Perspective," European Economy - Discussion Papers 032, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Shekhar Aiyar & Wolfgang Bergthaler & Jose M Garrido & Anna Ilyina & Andreas Jobst & Kenneth H Kang & Dmitriy Kovtun & Yan Liu & Dermot Monaghan & Marina Moretti, 2015. "A Strategy for Resolving Europe's Problem Loans," IMF Staff Discussion Notes 15/19, International Monetary Fund.
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    Cited by:

    1. Jose M Garrido & Mr. Wolfgang Bergthaler & Ms. Chanda M DeLong & Juliet Johnson & Amira Rasekh & Anjum Rosha & Natalia Stetsenko, 2019. "The Use of Data in Assessing and Designing Insolvency Systems," IMF Working Papers 2019/027, International Monetary Fund.

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