01.12.2019
S&P Global Ratings is the largest recognized international credit agency. I would not have explained all of this, but it responds to many attacks against us. In any case, I tend to trust the best professionals in the world. This is what Prime Minister Boyko Borissov told reporters on the occasion of the increase of the short- and long-term credit rating of Bulgaria by the International credit-rating agency S&P Global Ratings in foreign and local currency to 'BBB/A-2' from 'BBB-/A-3'.
The sustainable economic development of our country without accumulating macroeconomic imbalances and the stable progress in joining ERM II are some of the reasons Prime Minister Borissov noted for the increase of our credit rating. The Prime Minister also highlighted the low government debt and current account surpluses, which provide Bulgaria with buffers in the event of an external shock.
The Prime Minister pointed out that the S&P Global Ratings assessment is also due to the reasonably implemented fiscal policy. Borissov cites the agency’s growth forecast - by 3.6% in 2019 and an average of about 3% in 2020-2022, mainly due to domestic demand and continued increase in the real and the public sector wages. Prime Minister Borissov said that the banking sector in Bulgaria is stable and that S&P Global Ratings expects the Bulgarian economy to continue to develop steadily. "The ongoing structural reforms in the judiciary could be useful for improving the business environment - what the Venice Commission has recommended to us, we will implement, so we can develop further and further," Prime Minister Borissov said. He noted that Bulgaria's progress in this area was recognized under the European Commission Mechanism for Cooperation and Verification. Prime Minister Borissov noted that the draft for a new financial framework includes a nominal 8% increase in the total financing for Bulgaria.
With this credit rating increase, we reach the highest credit rating on the Balkan Peninsula, outpacing countries such as Romania, Greece, Turkey, Russia, all other Balkan countries, said the Minister of Finance Vladislav Goranov. In his words, this gives the basis for a greater investor optimism and greater confidence in our economy.
Asked whether he would restore Minister Biser Petkov to his post, as requested by the mothers of children with disabilities, Prime Minister Borissov said that he treated them with respect and added that it was his right to appoint ministers and that he is responsible for the government. Many other organizations and associations have said that they find our actions suitable, Prime Minister Borissov noted. He announced that Denitsa Sacheva would be proposed to take the post of Minister of Labor and Social Policy. The Prime Minister also announced that Irena Sokolova will be removed from the post of a regional governor of Pernik. Goranov and I met with the mayor and told him what should be done in the next few days, we are also currently thinking from where additional water can be supplied to Pernik. The drought is great across the country, Prime Minister Boyko Borissov said.
On the occasion of his participation in the 25th Climate Change Conference in Madrid tomorrow, Prime Minister Borissov said that a meeting of EU heads of state and government would take place in the framework of the forum. The Prime Minister pointed out that the parties to the UN Framework Convention on Climate Change are expected to make progress on a number of issues related to the financing of activities to combat climate change in developing countries.
