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Industry Watch: Eight recommendations for the interim government

1. Maintaining the stability of the currency, as well as the budget and financial systems is not an alternative to economic growth but rather the necessary conditions for this. Political consensus on succession and stable economic policy may include only political parties that clearly and strongly support maintaining the currency board.

2. The interim government must ensure the smooth continuation of administrative processes, including the management and spending of EU funds, contracts and quick work of regulators. Any institution that regulates business entry must continue to work with at least the same speed to avoid shock among those who want to invest and create jobs in Bulgaria.

3. Economic and financial team of the interim government must respect the threshholds for deficit and debt adopted the Law on the State Budget for 2013. This includes balancing the government budget, while maintaining the deficit target of not more than 1.1 billion BGN. The gradual reduction of the budget deficit led to steady decline of interest rates on government debt (Please, refer to the chart).

4. It is to maintain fiscal reserves and its gradual increase, regardless of the upcoming elections and prevent it from falling below the required minimum set by the State Budget Law for 2013.

5. Government must give clear political guarantees of laws and treaties, including explicit refusal to discuss measures such as repealing valid privatization deals.

6. Government can and must continue and finish urgent measures to stabilize and / or sale of state-owned enterprises in poor financial condition as VMZ Sopot and BDZ - Freight.

7. It is entirely in the hands of the executive is to improve the business climate by quickly solving the pressing problems in the administrative processes for citizens and businesses. In the area of tax collection for example, these include removing promptly the technical difficulties created by the launch of the single payment order for all public obligations.

8. Even for a short time structural changes to meet large-shared expectations and demands of the citizens are possible, for example reduction of unnecessary units of public administration, reduce operating costs while raising the incomes of those employed there.

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