Банкеръ Weekly

Briefs

Bulgaria Appoints New Representative to Black Sea Bank

Deputy Minister of Finance Karina Karaivanova will be the new representative of Bulgaria to the Council of Governors of the Black Sea Trade and Development Bank (BSTDB), the Council of Ministers decided at its meeting on 14 January. Mrs. Karaivanova will replace Daniela Bobeva in BSTDB, who was deputy prime minister in the government of Plamen Oresharski. By unwritten rules state representatives in such international or regional credit institutions as BSTDB are senior officials from the financial department. Their job is primarily to ensure that the bank in question does not distort or ignore the interests of the state shareholder they represent. As stated in the message of the Council of Ministers on the occasion of the election of Karaivanova in BSTDB: "Bulgaria has a status of a founding member which allows participation in the distribution of the financial resources of the bank and the selection of specific projects and their implementation. Participation in this regional financial institution allows our country to influence the determination of regional policy and decision-making that is essential to the development of the region. "

The fact is that a change in government in Bulgaria is always associated with a change in the representation of our country and in structures such as BSTDB. Around the appointments in it in 2014 there was another scandal.

GERB party shoed indignation that in the last days of their period in office, the government of Plamen Oresharski offered as executive vice president of the Bank the head of the cabinet of the Government, Nina Stavreva. In November 2014, Borissov’s government withdrew her nomination. But it turned out that it was late, because the Board of Directors of BSTDB had already chosen Stavreva for vice president.

The story gained additional infamous twist, since in December there was a rumor that after the submission of his resignation as Governor of the Central Bank, Ivan Iskrov, with the blessing of Prime Minister Boyko Borisov would receive the position of Stavreva. Even then, however, some financial experts familiar with procedures in BSTDB, commented that this replacement would be difficult to obtain, precisely because Stavreva was elected vice president of the board of directors of the bank, and with a term of four years. GERB quickly denied to have made any such offer to Iskrov and the issue of his resignation was out of the focus of the ruling majority for a while. Representatives of GERB started to comment that no one can make Iskrov withdraw early from his governor’s position and they were waiting for him to finish his term. So was at least until Monday, when at the opening of the crossroads at the Sofia’s Seminary PM Borissov again called for the resignation of the BNB Governing Council.

The theme of changing Stavreva sank into oblivion, although in government circles people are saying she has declared her readiness to resign. The site of BSTDB, however, says that she is still Vice President. Apart from Stavreva and Karina Karaivanova Bulgaria has another representative in BSTDB. This is the head of "State Debt and Financial Markets" at the Ministry of Finance Milena Boykova. She is a member of the board of directors of BSTDB for Bulgaria and an alternate representative of Bulgaria in it is also the parliamentary secretary of the Ministry of Finance Nikola Sherletov.

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