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Democratic Bulgaria: Elimination of Mavrodiev is far from sufficient


The elimination of Mavrodiev and his team is highly insufficient in view of this goal. It is nothing more than a very belated acknowledgement of the existence of a problem and a banal move for its disguise and in no case a real renewal. We have already called for political responsibility for the failure of the BDB through the resignations of at least two ministers of economy and finance directly responsible for this financial institution. Borisov refused, once again underlining that the real control and responsibility for BDB lies with him. A fact that has become quite evident from the way Prime Minister guillotined Mavrodiev in front of the cameras.


This is stated in Democratic Bulgaria’s position, which also proposes an upgrade of the Bulgarian Development Bank through structural and legal changes.

 

The DSB, “Yes Bulgaria” and the “Green Movement” union proposes that the control over the bank be transferred to the National Assembly, its management style be changed and its role in the financial market refined.

 

"This is the only way the BDB will cease to be the one-man controlled piggy bank of the oligarchy and it will be able to start becoming a real socially subordinate and useful institution that works in support of small and medium-sized entrepreneurs without distorting competition, " the union says.

Their proposals include ideas such as the rights of a BDB principal to be exercised by Parliament, rather than by an individual Minister. The National Assembly, as a representative public body, selects the majority of the bank's management after the nomination of the Budget and Finance Commission in proportion to the parliamentary represented parties and the mandatory inclusion of opposition parties’ nominations. However, to introduce a requirement for BDB Board members to be professional bankers with impeccable reputation and proven management experience, politically independent and unrelated to economic groups.

 

Also, the "Democratic Bulgaria" wants the Bank's annual and semi-annual report to be audited by auditors with an internationally recognized  reputation .

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