Mr Simeon Djankov deputy premier and finance minister of Bulgaria said that Bulgaria will come out of the crisis in 2011 when its economy is expected to grow by 3% and its budget deficit will be tamed beneath the 3% of GDP cap set by the EU.

According to Bulgaria's macroeconomic framework that will be presented at next week’s session of the Economic and Financial Affairs Council, the shortfall will be reduced below 2.7% of GDP by the end of next year.

Mr Djankov said that Bulgaria's 2010 unemployment rate will fall under the 11.5% expected by the government. He added that he will pool efforts with labor minister Mr Totyu Mladenov to try and prevent joblessness from soaring more than the current 9%.

He further pledged there would be no hike in taxes and excise duties, whereas pensions and public sector wages will be left unchanged in 2011, too.

Responding to calls by Democrats for Strong Bulgaria leader Mr Ivan Kostov for a new government bond issue and financing from the International Monetary Fund, Mr Djankov reiterated that the country does not need any external financing and is not in talks with the IMF.

Mr Djankov chided the National revenue Agency, saying it should revise its methods. He added that "The economy is being restructured and NRA should undergo the same process to ensure it seizes upon the new opportunities and can adequately collect taxes."

Meanwhile, Raiffeisen Bank said that it expects the Bulgarian economy will grow by 11% in 2010 alongside a 2% deficit, 3.5% inflation and 12.4% current account gap.

(Sourced from www.dnevnik.bg)