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BULGARIA
India - Bulgaria Economic and
Commercial Relations
Background
Bulgaria switched over from a state
controlled economy adopting the path
towards a free market economy only
in 1989 (after the fall of Todor Zhivkov).
In 1991, Bulgaria chose the road to
rapid and radical economic reforms
and signed an agreement with the International
Monetary Fund with the major objective
of curbing inflation, arresting economic
decline, achieving stability of the
national currency as well as the macroeconomic
indicators. However most of the reforms
announced by the then Government were
only paper reforms.
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