Objectives
Macroeconomic stability in Bulgaria has been
maintained thanks to implementation of sound fiscal and incomes
policies under the currency board arrangement. Despite an adverse
external environment, the authorities have persevered with their
ambitious reform agenda. Priority should now be given to completing
privatization and accelerating restructuring of the enterprise and
banking sectors.
Frequent changes in the legal framework and
problems with the implementation of legislation discourage private
sector initiative and investment. In order to increase Bulgaria's
attractiveness to domestic and foreign investors, there is a need
to persevere with institutional and legal reforms to improve law
and contract enforcement, reduce red tape and fight corruption. The
reform effort needs to be sustained by completing privatisation,
enforcing financial discipline in the enterprise sector (e.g.
accounting standards, tax collection, etc.) and strengthening
market economy supervisory bodies. In addition, the issue of
corporate governance in newly privatised enterprises needs to be
addressed. Further steps are needed to ensure a stable and
transparent legal framework for business.
Building on the achievements of CGI in 1999 the
main objective of the activities in 2000 is to develop policy
measures and adopt a relevant policy agenda for corporate
governance development on a broader regional level in CEE
transition context. Through country assessments, policy
formulation, and wide dissemination and advocacy the Initiative
will:
-
- Assist the elaboration and the implementation of set of
practical and policy instruments that would ensure accountability,
transparency and sound business practice in transition
economies;
- Promote public awareness of best corporate governance standards
and their practical importance for the economic growth and social
progress of a country and international trade and investment
development.
- Set up a framework for policy dialogue between private and
public sector institutions aiming at introducing modern corporate
governance structures and procedures in Central and Eastern
Europe.
| Executive Summary | Activities | Objectives | Institutional Structure | Background | Resources |
|