Economic reform in Bulgaria
Economic reform in Bulgaria

Author(s): Spartak Keremidchiev, Todor Gradev, Stephan Kyutchukov, Todor Popov, Reneta Indjova, Todor Radev
Subject(s): Politics / Political Sciences, Politics, Social Sciences, Economy, National Economy, Sociology, Economic policy, Applied Sociology, Economic development, Socio-Economic Research
Published by: Център за изследване на демокрацията
Summary/Abstract: At the beginning of 1991 the Bulgarian economy had almost reached the point of collapse. This was due to the economic policy of 1990, combined with the negative effects of the Persian Gulf crisis. On this background a project for one-year "stand-by" credit for Bulgaria from the IMF was prepared. The agreement was signed in February 1991 and confirmed by IMF on March 15. Under these circumstances the use of the IMF resources was the only possibility for partial recovery of the country's hard currency reserves, and this possibility could certainly be used only under the specific conditions required by IMF.

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