Bulgaria's finances and the IMF
Today’s Financial Times contains a nice put-down by the Governor of Bulgarian National Bank. The FT had erroneously stated that Bulgaria has needed International Monetary Fund (IMF) support, but today has printed a letter from the Governor – well worth reading his comments:
"Bulgaria is not receiving any IMF support; nor is Bulgaria under any IMF support programme. Neither does it have any outstanding unfulfilled commitments to the IMF….
"Your knowledgeable audience will find it quite revealing to learn how a small open economy of a member state, operating a euro-based currency board, has weathered the crisis so well, remaining fiscally disciplined, with a well-capitalised and liquid banking sector that never needed any state bail-out or support, and with rising exports as a result of competitive gains following the successful internal adjustments and restructuring of the economy.
"The IMF would have been relieved if there had been more countries like Bulgaria in the European Union."