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Bulgaria: World Bank Says Economy Shows Signs Of Recovery

  • Ivo Indzhev

Sofia, 1 April 1997 ((RFE/RL) -- A World Bank representative in Sofia, Alberto Mussalem, says Bulgaria's inflation has fallen sharply and treasury hard currency reserves have risen since caretaker Prime Minister Stefan Sofiansky's cabinet took office in February.

Mussalem today praised Sofiansky for what he called "decisive and adequate economic measures." He said steps taken by Sofiansky, such as the liberalization of prices, will lead to economic stabilization.

Sofiansky himself today said Bulgaria is on the brink of what he called "relative financial and economic stabilization." Sofiansky says price liberalizion will not lead to a shock wave of economic hardship for Bulgarian citizens. He also said grain supplies have been secured for two months of bread production and he does not expect bread prices to rise significantly.

Sofiansky says the World Bank has pledged a $40 million loan to support grain imports. He says another $25 million worth of forage grain for animals will be donated to Bulgaria by the United States soon.