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BNB: Bulgarian economy will not get overheated

Date: 26.03.2006

"There is no reason for worrying whether the Bulgarian economy will get overheated," said Ivan Iskrov, Governor of the Bulgarian National Bank (BNB) at the round table, organized by The Economist.

"The risks about the stability of the Bulgarian economy, expressed at the conference, are somewhat exaggerated," Iskrov said further.

According to him, Bulgaria's current account deficit is covered by foreign investments that guarantee the stability. The growth in the supply of loans in 2006 is expected to be around 20%. Foreign investments in Bulgaria grew impressively reaching 26.6% of the GDP.

"Only the gray economy and the organized crime in Bulgaria will profit if the country's EU membership is postponed till 2008. The Bulgarian nation as a whole and the Bulgarian business will have much to lose," said Sergei Stanishev, Bulgaria's PM.

"The benefits of EU membership do not come only from the structural and cohesion funds. The data for 2004 shows that the new members of the 25-nation block have absorbed only 40% of the funds," Stanishev said further.

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