In response to Russian aggression
Bulgaria has canceled its participation in two international banks dominated by Russia - the International Investment Bank (IBB) and the International Bank for Economic Cooperation (IBEC). The two financial institutions, based in Moscow, were part of the former Council for Mutual Economic Assistance (popular as Comecon) which coordinated the Soviet Union's economic policy. Russia is a majority shareholder in both banks.
"In the context of the collective response of Europe and the EU, we have decided that Bulgaria will terminate its membership in the two banks, as agreed with all EU member states," said Lena Borislavova, head of Prime Minister Kiril Petkov's political cabinet.
Fears for Bulgaria's oil and gas supplies
No problems are currently reported with oil and gas supplies but there could be big risks ahead, said Energy Minister Alexander Nikolov during a session of the energy parliament commission.
"Тhe whole system is functioning normally, which does not exclude the preparation of the government and the Bulgarian Energy Holding for the occurrence of force majeure," he said. Nikolov's assessment is that, in the event of suspended supplies, Bulgaria will be better placed than most EU countries.
Tourism municipalities face long recovery
Tourism-oriented municipalities, especially those on the southern Black Sea coast, were hardest hit by the Covid-19 pandemic and their recovery will take longer, according to a study of the Institute for Market Economics entitled "The COVID-19 Crisis and Municipalities". At the same time, Sofia has continued its economic expansion, mostly driven by growth in the IT sector and construction.