WORLD BANK: World Bank approves second financial and se sector enterprise adjustment loan for Bulgaria.

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M2 PRESSWIRE-6 December 1999-WORLD BANK: World Bank approves second financial and sector enterprise adjustment loan for Bulgaria (C)1994-99 M2 COMMUNICATIONS LTD RDATE:021299 WASHINGTON -- The World Bank today approved a US$100 million equivalent (EURO 95.5 million) Second Financial and Enterprise Sector Adjustment Loan (FESAL II) for Bulgaria, which will provide foreign exchange for balance of payments support.

The loan is contingent on substantial progress in the implementation of structural reforms in the financial and enterprise sectors, as well as the implementation of the initial phase of the restructuring of the energy sector, aimed at deepening the process of transformation of the market economy. The Bulgarian government, in cooperation with the...