Finance Minister: "Bulgaria Not Faced with Economic Crisis"

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Finance Minister:

Bulgaria is not faced with an economic crisis, Finance Minister Plamen Oresharski said in
Parliament on Friday. He said the external economic situation is closely watched because the country is no longer an isolated system, BTA reports.

As the national economy is integrated into the EU economy, there are mutual influences, and liquidity problems can be expected in Bulgaria, Oresharski said. The position of the Bulgarian government is very strong in terms of fiscal reserves and current budget position, and the banking sector is quite stable, he said.

The current account deficit is a serious matter resulting primarily from the foreign trade deficit. This is a trend which began with the start of economic reforms in 1997, he said.

As a result of foreign investment, higher growth rates and income increase, the current account deficit continues to grow, the Minister said. Early estimates put the 2007 current account deficit at 20.5 per cent, which is around the forecast level.

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