Банкеръ Weekly

Briefs

GOVERNMENT TO PUBLISH THE MEMORANDUM WITH IMF

The memorandum on the agreement with the International Monetary Fund (IMF) will be published by Christmas, Finance Minister Milen Velchev announced. The IMF Mission, lead by Jerald Schiff was on a visit to Bulgaria last week and it was announced then that the negotiated parameters would remain a secret till February 2002, when the agreement should be approved by IMF's Executive Board. After consultations between the two sides, however, it was decided that the parameters would be made public right now.By accepting the budget for 2002 in Parliament Bulgaria has already fulfilled one of the preliminary conditions of the two-year agreement with the IMF, Mr. Velchev pointed out. His deputy Kiril Ananiev added that in the process of talks with the IMF Mission Bulgaria had succeeded to negotiate a possibility for the money-making state-run enterprises to increase their expenditures for salaries under a special mechanism, agreed with the IMF.The report on the fulfillment of the revenue side of the 2001 budget, however, does not hold out hopes that the employees in the state-financed sphere would get a 13th salary for Christmas, Mr. Ananiev said.Finance Minister Velchev specified that by the year-end the state-owned monopolies - the Bulgarian Telecommunications Company (BTC) and the National Electricity Company (NEC) would remit to the Treasury BGL20NN and BGL100MN, respectively. These amounts will come from the reserve funds of the two companies, in which the State is a single shareholder, and will be deducted from the dividend to be distributed in 2002. The BGL120MN will make up the deficit in the National Social Insurance Institute's budget and the overdues to the municipalities will be remitted.

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