Bulgaria could have a better position than Romania to overcome the current economic crisis, IMF Representative in Romania and Bulgaria, Juan Fernandez Ansola declared for Sofia Echo, quoted by Romanian news agency Mediafax.
The main differences between the two countries are given by the fact that Romania will have to cut the budgetary deficit in a time of economic decline while Sofia authorities managed, in an intelligent manner to reserve their money in the last years and control the exchange rate, Ansola said.
He explained that Bulgaria has a fixed exchange rate and a fiscal excess while Romania has a free exchange rate of its currency and a big budgetary deficit. Thus, Bulgaria is better equipped to deal with the crisis, the expert concluded.
Romania's free exchange rate and budgetary deficit will be tested by the economic crisis. IMF announced in February that Romania could register a negative growth in 2009, as exports decreased, credits are harder to obtain.