Apportioning of the shares of the Eurozone's contribution to the IMF

Yesterday, the Ministers of the Euroarea jointly with some EU members-states discussed in a conference talk the last changes in the Treaty establishing the European Stabilization Mechanism, as well as the increase in the financial resources of the International Monetary Fund (IMF). Let us remind our readers that the meeting of the EU leaders on December 8th - 9th decided that Eurozone countries will provide €150 bn to the IMF, while the remaining 10 EU countries will secure €50 bn. These funds will be granted under a special programme of the Bailout Fund aiding the countries in the European Economic and Monetary Union experiencing financial difficulty because of their huge government debts.
Negotiations between the Finance Ministers on the exact amount of the bailout contributions continued after the final editorial completion of Klassa's daily issue.

According to the Financial Times, Bulgaria, Hungary and Romania will not transfer any bailout contributions because they are receiving financial aid from the IMF or because they have not paid their overdue debts to the Fund yet.

In 2007, Bulgaria reimbursed its final liabilities to the Fund and, currently, we have no financial commitments to the institution and Bulgaria does not intend to assume such commitments, reminded the Ministry of Finance. Its officials were adamant that, according to the proposal for an increase of the IMF's financial capacity via the signing of bi-lateral agreements, our country will not participate in the financing of bailout programmes aiding the financially undisciplined countries. However, we support the idea of ​​the Eurogroup countries to introduce a rule for the taking of decisions by the contract parties with an 85% majority in exceptional cases. We are not party to the Treaty on the European Stabilization Mechanism and we have not signed any financial commitments, stated representatives of the administration of Finance Minister Simeon Djankov, who took part in the negotiations yesterday.

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