[stop-imf] BULGARIAN BUSINESSES AGAINST IMF CONDITIONS

[robert weissman]

http://www.sofiaecho.com/article/bulgarian-businesses-against-imf-conditions/id_12467/catid_38
Sofia Echo

BULGARIAN BUSINESSES AGAINST IMF CONDITIONS
October 13, 2005


On the day that the International Monetary Fund mission arrived in
Bulgaria, representatives of national businesses said that they opposed
most of the fiscal measures proposed by the IMF. The employers union,
together with the bankers association, is to demand a discussion with
IMF representatives. According to Bulgarian business representatives, no
European country has a budgetary surplus equal to three per cent of GDP.
The IMF is demanding a significant surplus by the end of the year, based
on high income and cutting spending, Sega newspaper reported.
IMF mission leader for Bulgaria Hans Flickenschild said that he would
not change his position on Bulgarian fiscal policies. The high deficit
on the current account demands strict fiscal and credit policies,
Flickenschild said. The IMF continues to insist that Bulgaria should
pursue a budget surplus, instead of a balanced budget with no surplus
and no deficit. The IMF will have to carry out difficult negotiations
with the Bulgarian Cabinet. This was a question of political will,
Flickenschild said.