Bulgaria pays off IMF debts ahead of schedule
The Bulgarian ministry of finance has revealed it has paid off its debt to the International Monetary Fund (IMF) ahead of schedule after returning $109.64 million (£54.7 billion) and €149.13 million (£101.5 million).
With the country's external debt levels now reduced, the early repayment will be of considerable benefit to Bulgaria's economy, the ministry said.
Government debt has now fallen to BGN 8.5 billion (£3 billion), while the quality characteristics of the deficit have also improved thanks to the IMF repayment.
A statement from the ministry read: "The transaction will also contribute to preserving the sustainability and reducing the vulnerability of the economy to negative external shocks, within the context of its influence on the detainment of the growth rates of the gross external debt of the country."
The reimbursements conclude a deal brokered with the IMF in 1998, which allowed for nine repayment tranches split up over a number of years.
Reducing government debt is described by the Bulgarian finance ministry as a key priority that is linked to the country's accession to the European Union.
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