REUTERS SUMMIT-Bulgaria economy to accelerate growth in 2014-finmin
SOFIA, Sept 24
SOFIA, Sept 24 (Reuters) - Bulgaria's economy will record a meagre growth of about 0.6 percent this year on slow investment but will expand towards 2 percent in 2014 as policies focused on aiding growth and employment bear fruit, Finance Minister Petar Chobanov said.
Chobanov told a Reuters Investment Summit held in Sofia on Tuesday his Socialist-led government will target a lower fiscal deficit next year against this year's 2 percent of gross domestic product.
Bulgaria may seek up to about 400 million euros ($539.70 million) in a yet to be decided syndicated loan or eurobond later this year, he added.
The government had revised this year's fiscal target upwards to 2.0 percent of gross domestic product from 1.3 to spur the economy and help the needy, overturning a presidential veto and defying street protests over raising fresh debt.
The Black Sea state must run small fiscal deficits to protect its currency peg to the euro, as it operates under a regime which does not allow the central bank set interest rates, leaving fiscal policy as the main tool to influence the economy. (For other news from Reuters Russian and Eastern Europe Investment Summit, click here) (Follow Reuters Summits on Twitter @Reuters_Summits) (For more summit stories, see ) ($1 = 0.7412 euros) (Reporting by Tsvetelia Tsolova; writing by Radu Marinas; editing by Ron Askew)
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