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Bulgaria: Staff Report for the 2004 Article IV Consultation

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  • International Monetary Fund

Abstract

This paper examines Bulgaria’s 2004 Article IV Consultation and Ex Post Assessment of Longer-Term Program Engagement. Foreign direct investment inflows have been strong, reserves are rising, and competitiveness appears broadly adequate. Fiscal policy has been tightened in 2003, as the government saved half of the revenue overperformance and reduced the deficit to 0.4 percent of GDP. The pace of structural reform has slowed, with two large privatizations and fiscal structural measures delayed.

Suggested Citation

  • International Monetary Fund, 2004. "Bulgaria: Staff Report for the 2004 Article IV Consultation," IMF Staff Country Reports 2004/176, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2004/176
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=17485
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    1. Cottarelli, Carlo & Dell'Ariccia, Giovanni & Vladkova-Hollar, Ivanna, 2005. "Early birds, late risers, and sleeping beauties: Bank credit growth to the private sector in Central and Eastern Europe and in the Balkans," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 83-104, January.
    2. Pierre-Olivier Gourinchas & Rodrigo Valdes & Oscar Landerretche, 2001. "Lending Booms: Latin America and the World," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 47-100, January.
    3. Mr. Diego Saravia & Mr. Ashoka Mody, 2003. "Catalyzing Capital Flows: Do IMF-Supported Programs Work As Commitment Devices?," IMF Working Papers 2003/100, International Monetary Fund.
    4. International Monetary Fund, 1999. "Bulgaria: Recent Economic Developments and Statistical Appendix," IMF Staff Country Reports 1999/026, International Monetary Fund.
    5. John A. Bristow, 1996. "The Bulgarian Economy in Transition," Books, Edward Elgar Publishing, number 752.
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