The Bulgarian Post
2007-04-26 10:28:29

Bulgaria managed to pay off the whole debt towards International Monetary Fund (IMF), Bulgarian Ministry of Finance reported.

Bulgaria paid off and the final instalement towards two premature payments of 109.64 millions or 149.13 millons of euros. It is about third and the final debt instalement towards IMF.

By the end of 2005 Bulgaria already paid off 147.4 millons and in February 2006 and additional 151.4 millions of euros.

The newest transaction ˝will result with decrease of external country debt or debt which paying off country guarantees and that reached the amount of 4.34 billions of euros or 16.6 percent of GDP till March, 31st 2007˝ stands in the official Ministry announcment.

This transaction will also provide stability, it will soften the vulnerability of economy on negative outer shocks and help to retain the increase rate of gross external debt on the real level, nominally and measured by share in  GDP˝, Ministry adds in the announcment.

IMF was one of the biggest Bulgaria creditors and in 1997 they imposed strict financial discipline as condition for the urgent loan that enabled Sofia to pull out from the serious economic crises.

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