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Bulgaria Finance Minister Signs Two Loan Agreements with World Bank

Date: 19.11.2008

The Bulgarian Finance Minister Plamen Orecharski signed on Tuesday two agreements for over EUR 140 M with the International Bank for Reconstruction and Development - the World Bank.

The funds are going to be used in programs in the areas of education, health care and the social sector.

Oresharski explained that the two loans were going to not only help Bulgaria's finances, but the realization of successful policies in the above areas.

Bulgaria receives EUR 101, 7 M for reforms in education, health care and the social sector as part of a joint program with the World Bank. This is Bulgaria's second such loan.

The other loan of EUR 40 M has two components - building of new infrastructure for children (day care centers etc) aimed at children 6-years old and younger and their families, building capacity for collaboration among different institutions, work with non-government organizations and accessing European Union funds at the local level.

The Finance Minister pointed out that Bulgaria did not need assistance from the International Monetary Fund (IMF) in order to fight the effects of the global financial crisis, adding that as a member of the IMF, the country could always resort to such step.

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