Friday, February 24, 2006 

Bulgaria's foreign debt rose to $17 billion

FEB. 24 6:50 A.M. ET Bulgaria's gross foreign debt last year rose 14.4 percent to euro14.3 billion (US$17 billion), the central bank said Friday.

By the end of December, the country's debt had increased euro1.8 billion (US$2.1 billion) from December 2004.

Long-term debt accounted for 74.4 percent of the total, the Bulgarian National Bank said in a statement.

The debt amounted to 67.6 percent of the annual gross domestic product, compared with 64.4 percent of GDP in December 2004.

The state foreign debt stood at euro4.4 billion (US$5.2 billion) at the end of 2005, or 20.8 percent of annual GDP. It was down from 30 percent of GDP in December 2004, due mainly to last year's buyback of Bulgaria's Brady bonds.

Source: Business Week

Wednesday, February 22, 2006 


The union of owners in Sunny Beach coastal resort said it would not approve the sale of resort infrastructure to a private owner, Sega newspaper reported.

According to the union, which represents hotel and restaurant owners in the resort, the best option is for the Nessebar municipality to acquire the infrastructure. Such request will be sent to Economy Minister Roumen Ovcharov.

A private owner will lead to problems for future investors. As a result the appeal of Sunny Beach as tourism destination might suffer, a union statement reads.

Sunny Beach holding currently operates the resort’s infrastructure. The state has a majority deal in this holding, together with several private owners. The Parliament offered resort infrastructure to the Austrian EVN company, but negotiations failed.

Source: Sofia Echo

Wednesday, February 15, 2006 

Bulgaria's Direct Foreign Investment Goes Down

Preliminary data for the period January to December 2005 shows that direct foreign investment was 1.876 billion euro, or 8.9 per cent of GDP. For the previous year, direct foreign investment was 2.2782 billion euro, or 11.7 per cent of GDP.

Investment decreased by 402.2 million euro and the initial predictions for 2.2 billion euro annual foreign funding were not met, reported.

No privatisation deals with foreign companies were concluded in 2005. Ten companies acquired shares in Bulgarian businesses. Most investment came from Austria- 36.6 per cent of the total amount, from Britain -10.6 per cent, and Switzerland -10 per cent.

Based on sector, most investment was attracted in the transport sphere, followed by financial co-operation and property purchase.

Source: Sofia Echo 10:25 Tue 14 Feb 2006

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