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1.9% budgetary deficit of Bulgaria for 2009, the IMF forecast shows

Published on , , Sofia

The budgetary deficit of Bulgaria will probably reach 1.9% for 2009 because of not yet paid debt of the state in the end of last year, the IMF forecast shows, presented during the regular mission of the Fund to Bulgaria. It also says that the abrupt spending cuts in the second half of 2009 as well as the reforms performed in the tax and customs administrations led to a cash deficit of only 0.8% of GDP. The IMF mission forecast and recommended the budgetary deficit not to exceed 1.8% in 2010 if, of course, the government sticks to its own measures for spending restrictions and for fiscal discipline.

Most analysts forecast that the budgetary deficit could reach 2% and even more in 2009. The greatest problem, however, is the lack of sufficient and timely information for the real financial situation of the country.

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