PM Rumen Radev and IMF Managing Director Kristalina Georgieva Discuss Prospects for the Bulgarian Economy and Role of New Technologies

The prospects for the Bulgarian economy, the reforms needed to improve competitiveness, and the role of new technologies and artificial intelligence were discussed during a meeting between Prime Minister Rumen Radev, IMF Managing Director Kristalina Georgieva and the Fund’s mission chief for Bulgaria, Fabian Bornhorst, the government press service said on June 22.

The government is working to bring about a qualitative change in the economic environment and to attract high value-added investment that will support the modernisation of the Bulgarian economy, Radev said.

He stressed that Bulgaria remains among the European Union countries with the lowest levels of public debt, but warned that this should not lead to complacency, as Bulgaria has been among the EU member states that have borrowed the most over recent years.

“Over the past five years, economic growth has been driven mainly by stimulated domestic consumption, while investment and industrial production have lagged behind. We must change the growth model and return investment, production and exports to the centre of economic development. Only in this way can we achieve sustainable growth, higher productivity and better incomes for citizens,” the Prime Minister said.

Radev also noted that reducing the administrative burden on businesses and creating an environment that encourages investment and increases transparency in economic processes are among the new government’s priorities.

The Prime Minister highlighted the importance of SIGMA for public procurement and underlined that greater transparency in procurement procedures is a clear signal to both society and businesses that the way institutions operate is changing.

Radev also pointed to Bulgaria’s strategic importance as a bridge between Europe and Asia, with significant potential for the development of transport, energy and digital corridors.

According to the Prime Minister, Bulgaria’s strong tradition in education, particularly in the exact sciences, should be further supported in view of the need to train more engineers, IT specialists and highly skilled professionals.