Bulgaria - Second Review Under the Stand-By Arrangement and Request for Waiver of Applicability of Performance Criteria--Staff Report; Staff Statement; And Press Release on the Executive Board Discussion (Electronic book text)

1. In 2008, Bulgaria's economy continued to perform well, helped by strong policies. GDP growth is likely to have reached 6 percent-one of the highest growth rates in Europe. Fiscal policy continued to be prudent, with another surplus of 3 percent of GDP. Banking sector supervision and regulation remained strong, reacting pro-actively to the global financial turmoil.