By Leila Zlaoui
Bulgaria has made significant development towards long term macroeconomic balance. development has been re-established, in line with capita source of revenue has more suitable, inflation has remained low, poverty has been diminished, and the exterior debt to GDP ratio has declined. moreover, the proportion of the personal zone within the financial system is expanding, significant regulatory reform is underway, the banking region is on extra stable footing, and effort pricing reforms are bettering potency, and decreasing the financial burden. the target of this state research is to element regulations and institutional matters to assist increase the potency and effectiveness of public bills in Bulgaria. This publication evaluates financial sustainability and analyzes potency and effectiveness of public charges and their institutional framework. The file argues that vital demanding situations nonetheless lie forward. Bulgaria needs to proceed to take care of macroeconomic balance, make development on structural reforms to maintain progress momentum, and achieve additional discount rates in poverty and unemployment.
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Additional resources for Bulgaria: Public Expenditure Issues and Directions for Reform (World Bank Country Study)
Fueled by a failure to establish market discipline, widespread rent-seeking and the prevalence of soft budget constraints among enterprises, banks and the Government budget, Bulgaria’s problems culminated in a severe economic crisis in 1996–97, which saw cumulative GDP decline by about 14 percent. After a few months of chaos involving a hyperinflation episode, the collapse of the banking sector and a major foreign exchange crisis, Bulgaria adopted in July 1997 a Currency Board Arrangement (CBA).
Under the CBA, fiscal policy is the primary instrument for maintaining macroeconomic stability. Moreover, expenditure policies will be critical in protecting those members of society who are bypassed by the growth process. Financing the infrastructure and investment needs for an acceleration of economic growth and tomeet EU accession requirements will also require additional expenditures.
In addition to fiscal and expenditure challenges, Bulgaria’s reform agenda includes broadranging reforms to enhance the investment climate, further improvements in public administration, and an unfinished privatization agenda, magnified by EU accession requirements. Clearly, the Government needs to act on multiple fronts, as it has since 1997. ” Moreover, there is a need to place the content and pace of reforms in Bulgaria’s own setting. Bulgaria has many unique features and constraints, such as its demographic characteristics, including ethnic composition, its entrenched social protection system, the legacy of its past, its system of inter-governmental relations, its investment deficit, and so on.
Bulgaria: Public Expenditure Issues and Directions for Reform (World Bank Country Study) by Leila Zlaoui