Bulgaria gets new lending strategy

http://news.assetz.co.uk, 2006-06-28

     Bulgaria's continued economic growth on the world stage has seen it rewarded with a new lending strategy from the World Bank.
     As the country heads towards incorporation into the European Union at the beginning of 2007, an arrangement has been reached with the World Bank that should help Bulgaria to improve its national economy over the months ahead and allow it to continue its current good growth. The deal will see the country being lent Ђ240 million per year up to 2009 as the country will look to consolidate its position as a major tourist and investment location when it enters into EU membership.
     Top of the agenda for the Bulgarian authorities will be to utilise the new investment in structural reforms, as well as schemes to improve employment in the country. It is hoped that the plans will be able to increase productivity in the country and help Bulgaria to keep up with outside investment that is coming in through property development. It was recently announced that Bulgaria is now one of the top destinations in the world for property investment growth and the money from the World Bank is designed to ensure that Bulgaria's economy remains on course to grow substantially over the months and years ahead. This will enable the country to become a major player in the EU and to prosper from its membership.
     The investment from the World Bank represents an acceptance of Bulgaria's improving economic situation and the efforts it has made to develop long-term stability and engender strong growth. The World Bank's Country Partnership Strategy (CPS) will work with the Bulgarian authorities to oversee the expenditure of the money and will assist in the management of public expenditure as well as the planning and design of programmes that will be eligible for funding from the EU.
     Anand Seth, the World Bank's country director for Bulgaria, was quoted by the Bulgarian government media office as stating: "Bulgaria is performing well and now stands on the threshold of EU accession."
     However, Mr Seth warned that Bulgaria should not rest on its laurels and "still has a long way to go to catch up with other EU member countries", suggesting that there will be more hard work for the Bulgarian government if it is to fulfil its requirements to the EU when it becomes a member next year.
     Mr Seth explained: "Our goal with the new partnership strategy is to support Bulgaria in meeting its full potential as a member state of the EU."
     This new arrangement will run from 2006 and takes over from the previous deal, which ran from 2003 to 2005, with great success for the Bulgarian economy.

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