Front Matter

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© 2001 International Monetary Fund

March 2001

IMF Country Report No. 01/53

Bulgaria: 2000 Article IV Consultation and Fifth Review Under the Extended Arrangement—Staff Report; Staff Statement; Public Information Notice and News Brief on the Executive Board Discussion; and Statement by the Authorities of Bulgaria

Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of a combined discussion of the 2000 Article IV consultation with Bulgaria and fifth review under the Extended Arrangement, the following documents have been released and are included in this package:

  • the staff report for the combined 2000 Article IV consultation and Fifth Review Under the Extended Arrangement, prepared by a staff team of the IMF, following discussions that ended on January 29, 2001 with the officials of Bulgaria on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on March 8, 2001. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF.

  • a staff statement of March 23, 2001 updating information on recent economic developments.

  • a Public Information Notice (PIN) and News Brief summarizing the views of the Executive Board as expressed during its March, 23, 2001 discussion of the staff report on issues related to the Article IV consultation and the IMF arrangement, respectively.

  • a statement by the authorities of Bulgaria.

The documents listed below have been or will be separately released.

  • Letter of Intent by the authorities of Bulgaria*

  • Memorandum of Economic and Financial Policies by the authorities of Bulgaria*

  • Report on Observance of Standards and Codes—Update

  • Selected Issues and Statistical Appendix paper

  • *Included in Staff Report.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to

Copies of this report are available to the public from

International Monetary Fund • Publication Services

700 19th Street, N.W. • Washington, D.C. 20431

Telephone: (202) 623 7430 • Telefax: (202) 623 7201

E-mail: • Internet:

Price: $15.00 a copy

International Monetary Fund

Washington, D.C.

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Staff Report for the 2000 Article IV Consultation and Fifth Review Under the Extended Arrangement

Prepared by the European I Department

(In consultation with other departments)

Approved by Jacques R. Artus and Liam Ebrill

March 8, 2001


  • I. Introduction

  • II. Background

  • III. Report on the Discussions

    • A. Macroeconomic Framework

    • B. Fiscal Policy

    • C. Competitiveness

    • D. Financial Sector Policies

    • E. Structural Issues

    • F. External Sector Policies

  • IV. Staff Appraisal

  • Text Boxes

  • 1. Progress in Structural Reform During 2000

  • 2. Highlights of the 2001 Budget

  • 3. Banking Sector Soundness

  • 4. Privatization: Progress and Prospects

  • Figures

  • 1. Indicators of Progress, 1991–2000

  • 2. Real Sector Developments, 1992–2001

  • 3. Indicators of Competitiveness, 1992–2000

  • 4. External Sector Developments, 1996–2000

  • 5. Monetary and Financial Indicators, 1996–2001

  • 6. Macroeconomic Indicators in Selected EU Accession Countries, 1999

  • 7. Relative Progress in Structural Reform, 1999

  • 8. Relative Progress in Institutional Reform, 1999

  • 9. Medium-Term Projections, 1997–2006

  • Tables

  • 1. Selected Economic Indicators, 1996–2000

  • 2. Performance Criteria and Indicative Targets for September 2000–December 2001

  • 3. Structural Performance Criteria and Benchmarks for September 30 and December 31, 2000

  • 4. Indicators of External Vulnerability, 1995–2001

  • 5. Macroeconomic Framework, 1997–2006

  • 6. Monetary Survey, 1997–2001

  • 7. Balance of Payments, 1998–2001

  • 8. Projected Payments to the Fund as at January 31, 2001

  • 9. General Government, in leva, 1999–2001

  • 10. General Government, in percent of GDP, 1999–2001

  • Appendices

  • I. Fund Relations

  • II. World Bank Relations

  • III. Statistical Issues

  • Appendix Tables

  • 11. Technical Assistance, 1997–2000

  • 12. World Bank Lending Operations

  • 13. Core Statistical Indicators as of February 28, 2001

  • Attachment

  • I. Letter of Intent and Memorandum on Economic Policies of the Government of Bulgaria

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Public Information Notice (PIN) No. 01/33

International Monetary Fund


700 19th Street, NW

April 3, 2001

Washington, D. C. 20431 USA

Telephone 202-623-7100

Fax 202-623-6772

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ROOM IS 7-1200 0493

News Brief No. 01/28


March 23, 2001

International Monetary Fund

700 19th Street, NW

Washington, D. C. 20431 USA


Telephone 202-623-7100

Fax 202-623-6772