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Bulgaria Ex-PM: Finance Minister Mustn't Mess with Fiscal Reserve

Date: 22.10.2009

Foreign factors have given Finance Minister, Simeon Djankov, the idea to deposit part of Bulgaria’s fiscal reserve into commercial banks. This has been stated by the former Prime Minister, and Chair of the Bulgarian Socialist Party, Sergey Stanishev, regarding the idea recently mentioned by Djankov, which was rejected by the Prime Minister, Boyko Borisov, who said it had just been one option that was considered by the government.

Stanishev explained that his government had also come under pressure in order to be made to deposit part of the fiscal reserve into commercial banks. In his words, he has acted to prevent such a move since it actually endangered the fiscal reserve of the country.

The Parliamentary Group of the Bulgarian Socialist Party and their partners (Coalition for Bulgaria) has expressed its concern over the fact that “the present cabinet sends out contradictory signals, and changes his positions abruptly every day."

“This creates insecurity with the foreign investors, and a threat to the state finances and the currency peg. I don’t rule out other such surprising moves on part of the GERB government in the future,” Stanishev declared.

“Djankov’s ideas are extravagant and adventurous. If the fiscal reserve gets deposited into commercial banks, they are going to manage it abroad, thus fueling the economies of other countries, and placing it in risk,” the ex-PM stated.

In his words, only in 2008, Bulgaria received BGN 400 M from the interest on the fiscal reserve, and the allegations that its current interest is too low are untrue. He pointed out that the at the end of his term, Bulgaria’s fiscal reserve was over BGN 8 B, whereas at the beginning it was only BGN 4,5 B.

“We followed a consistent policy for its increase. The fiscal reserve is supposed to guarantee the stability of the Bulgarian national currency, and to protect the people’s income from collapses. It is good that this idea had been withdrawn but the constant change of positions is indicative of the style of the new government, this has already become something customary,” Stanishev declared.

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