Finance Minister Vassilev at IMF: 1 January 2025 remains the target date for the euro changeover in Bulgaria

Bulgaria's readiness to join the euro area was the main focus of Finance Minister Assen Vassilev's talks with International Monetary Fund Managing Director, Kristalina Georgieva, in Washington on February 14.

They discussed all aspects of Bulgaria's preparations for joining the euro area, including the technical readiness of the financial sector, banks and the administration and the launch of a public information campaign.

Regarding the fulfilment of the technical criteria for membership, Assen Vassilev noted that with 22% debt to GDP, Bulgaria is the second in the EU among the countries with the lowest debt.

The budget deficit for 2023 is 2.2% of GDP and the budget for 2024 sets the deficit to 3%, which is fully in line with the Maastricht criteria.

At the moment, the only reference benchmark that the country does not meet is that of inflation.

Assen Vassilev has briefed Kristalina Georgieva on the measures taken by the government to reduce inflation, the finance ministry said. He has confirmed that January 1, 2025 remains the target date for Bulgaria’s entry into the euro area.

Yesterday, the Finance Minister held a meeting with the US Deputy Treasury Secretary, Wally Adeyemo, in Washington DC. The two discussed important topics on the economic agenda of Europe and the US and opportunities for mutual cooperation and support, the Finance Ministry press office said. Acting Assistant Secretary for Terrorist Financing and Financial Crimes Anna Morris and Deputy Assistant Secretary for Europe and Eurasia Brian McCauley, participated in the meeting.