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Bulgaria pays off foreign debt to Switzerland ahead of term

Date: 02.11.2007

On October 30 2007, Bulgaria managed to pay off ahead of term its debt to Switzerland of 28.6 million leva, interests included.

The debt resulted from a credit agreement between Bulgaria and Switzerland from October 24 2000, Finance Ministry press release said.

Earlier in the year, in April, Bulgaria paid off another debt, to the International Monetary Fund, ahead of term.

As a result, Bulgaria saved 16 million leva on interests in 2007.

Despite this, the minimal fiscal reserve of 3.6 billion leva, required in the budget 2007 law, was maintained.

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