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Bulgaria's finance minister refutes further salaries boost

Date: 15.10.2005

Bulgaria's finance minister refuted claims for further salaries increase following the one planned for January 2006.

Minister Plamen Oresharski said that following the planned boost of 5% the cabinet could not afford another increase.

Ahead of his talks with the International Monetary Fund Mission Leader for Bulgaria Hans Flickenschild, Oresharksi pointed out that he would explain to the expert that the planned decrease of the social security payments would pose no threat for Bulgaria's treasury.

At the end of August Finance Minister Plamen Oresharski warned that Bulgaria may fall short by BGN 1 B from the financial parameters agreed by the previous government and the International Monetary Fund. Now the IMF is urging Sofia to plan budget surplus in 2006 and is voicing its concerns over Bulgaria's current account deficit, which is expected to total over 10% of GDP in 2005, compared with an initial target of 7. 6%.

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