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Finance Minister Oresharski: Bulgaria Needs No IMF Bailout Aid

Date: 25.06.2009

Bulgaria does not need a bailout aid agreement with the International Monetary Fund, according to the outgoing Minister of Finance, Plamen Oresharski.

Oresharski said in Burgas Wednesday that the IMF and the European Commission believed that Bulgaria was one of the few EU members who had the chance to complete its state budget objectives without bailout aid.

In his words, if Bulgaria asked the IMF for such an agreement, that would be a sign of insecurity and would place Bulgaria together with the insolvent states.

"If we continue our prudent fiscal policy, we could get out of the crisis without using bailout funding. This is also going to guarantee our quick accession to the Eurozone. The opposite is ridiculous. No one would let even in the Eurozone waiting room countries that are in a pre-bankruptcy condition", Oresharski said.

According to the Minister, any potential bailout aid could be used only to support the country's balance of payment, but not the budgetary expenditures. This money could be used for regular or emergency financial operations, the regular ones are for covering the foreign debt, emergency ones are saving banks, he explained.

Oresharski stressed that Bulgaria had sufficient reserves, and its first debt payments were due in 2013, and 2015 so the country had no grounds to request bailout aid. He pointed out that the currency peg was a guarantee for the financial stability of the Bulgaria.

Plamen Oresharski is the top MP candidate on the Bulgarian Socialist Party ticket in the Burgas Electoral District.

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