Bulgarian Finance Minister Claims Surplus

Despite the gloomy predicament of the global financial crisis, Bulgaria is predicting to have a 1 per cent budget surplus in 2009.

Plamen Oresharski, Bulgarian Minister of Finance, Plamen Oresharski, is assuring the International Monetary Fund and the World Bank of a 1 per cent surplus, during his meeting with the two institutions in Washington, DC.

This rate is has been wisely edited from the earlier 3 per cent predicted for the Bulgarian budget surplus down to 1 per cent for 2009.

Despite the surplus, Oresharski told the IMF and the World Bank, it was going to keep the same surplus policies, even in the face of the shrinking exports and imports, a reduction in state revenue, and the expected growth of Bulgaria to decline.

One of the main points he mentioned in his meetings with representatives of the US Treasury Department, Oresharski focused on how the Bulgarian banking system was still registering profits, and how that was a positive sign.

He orated on Bulgaria having a relatively stable and reliable fiscal position despite the global crisis, and had strong back-up and financial buffers, which were based in responsible governing and conservative policies implemented during the years of economic boom.

Though the meetings seemed to go well, the IMF and the World Bank still believe is that the global crisis might reveal to be deeper than expected. Dominique Strauss-Kahn, IMF head, commented that predictions were difficult to make since the economic situation is still in flux and changes every day.

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