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Bulgaria Sees No Need for Foreign Borrowing in Coming Years

Bulgaria doesn’t plan to tap foreign debt markets in the coming years after it sold Eurobonds last week and the budget deficit narrowed, Finance Minister Simeon Djankov said.

“We don’t need it,” Djankov told reporters in Vienna today. “We don’t intend” to sell bonds abroad “for the next couple of years.”

The Balkan country, which joined the European Union in 2007, raised 950 million euros ($1.16 billion) in five year bonds last week, its first international borrowing in 11 years. The country has the second-lowest level of public debt in the 27-nation bloc after Estonia, at about 15 percent of gross domestic product.

The economy will probably grow 1.4 percent this year, in line with government projections, Djankov said. The expansion will help cut the budget deficit below the targeted 1.3 percent of GDP, he said.

Even as Bulgaria, the EU’s poorest country measured by GDP per capita, currently meets all conditions for adopting the euro, the country will “not make any move” toward the switchover in the next two years, Djankov said.

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