IMF mission praises Bulgaria’s efforts to fix banking ‘weaknesses’

IMF mission praises Bulgaria’s efforts to fix banking ‘weaknesses’

Sofia, November 10, 2015/Independent Balkan News Agency

The International Monetary Fund (IMF) said that Bulgaria has made progress in fixing the regulatory framework in the banking system to address deficiencies highlighted in the annual review of the country’s economy, known in IMF parlance as an “Article IV consultation”, in March.

The publication by the central bank of a detailed IMF and World Bank assessment report on banking supervision, along with the subsequent publication and initial implementation of a plan for reform of supervision, were “welcome” steps, IMF mission chief for Bulgaria Michele Shannon said in a statement published after her team concluded a visit to Sofia on November 9.