Банкеръ Weekly

Briefs

IMF MISSION TO INSPECT THE 2001 BUDGET

The head of the IMF mission, Mr. Jerald Shiff, will probably join its work on September 17. Because of the tragedy in the US and the blocking of all international flights Mr. Shiff failed to arrive in Sofia until September 14. However, the talks of the mission with BNB and the ministries began on September 11. The fund experts were presided by the IMF resident representative Mrs. Piritta Sorsa. IMF has no special remarks towards BNB and the activity of the banking system. The experts just examined the condition of the local credit institutions and acknowledged the stability of the whole bank sector.On September 11 Mrs. Piritta Sorsa and the budget and fisc policy expert of the mission, Tarhan Fazioglu, initiated their everyday talks with the team of the financial ministry, led by the deputy ministers Kiril Ananiev and Atanas Katsarchev. On September 13 they had a meeting with the minister of finance, Milen Velchev. The implementation of the 2001 budget for the first half of the year and the forecasts about how it will end are the basic topics of discussion with the Ministry of Finance.According to well-informed sources, the experts of both sides established that the revenues to the National Insurance Institute will be lower than the 2001 forecast, so a BGN200M gap will appear in NII's budget. It should be filled by extra financing from the republican budget. The experts from the ministry will have to explain how they intend to provide these funds. Talks on the amendments to the tax legislation and on the 2001 budget will start on September 17.

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