22.04.2020
The Prime Minister Boyko Borissov talked with the President of the European Central Bank Christine Lagarde. The two discussed ways to deal with the effects of COVID-19 and the need for a common European financial response to the negative effects of the pandemic.
Christine Lagarde congratulated Prime Minister Borissov on the socio-economic measures taken to support the Bulgarian business during the state of emergency. Boyko Borissov told Lagarde that our country allocates BGN 4.5 billion in resources for the benefit of small and medium-sized businesses, the self-employed and for people who are on unpaid leave during the crisis in the form of financial instruments.
Prime Minister Borissov and ECB President Lagarde welcomed the establishment of a swap line between the ECB and the BNB to provide liquidity in euros. The swap line will be valid until 31.12.2020 or as long as necessary.
"This is a great support for Bulgaria and a guarantee for additional stability of the currency board, which must be maximally protected in a crisis situation," the Bulgarian Prime Minister emphasised during the conversation. Borissov pointed out that the admission of our country to the waiting room of the Eurozone will be extremely beneficial for our economy and added that the common banking control is a guarantee for the transparency of the work of Bulgarian banks. Prime Minister Borissov also focused on the specific steps and efforts that the government, the banking sector and the supervision in our country are implementing in the preparation process.
During the conversation, Prime Minister Boyko Borissov noted the lasting growth of the Gross Domestic Product in our country in recent years, as well as the financial stability and discipline. Borissov pointed out that our country has a good credit history of fiscal and budgetary discipline and has the second lowest debt of a country in the EU as a ratio of debt to GDP.
