O, WToO, WTrO, ZC

Diplomatic representation in the US:
chief of mission: Ambassador Philip DIMITROV
chancery: 1621 22nd Street NW, Washington, DC 20008
telephone: [1] (202) 387-7969
FAX: [1] (202) 234-7973
consulate(s): New York

Diplomatic representation from the US:
chief of mission: Ambassador Avis T. BOHLEN
embassy: 1 Saborna Street, Sofia
mailing address: Unit 1335, APO AE 09213-1335
telephone: [359] (2) 980-52-41 through 48
FAX: [359] (2) 981-89-77

Flag description: three equal horizontal bands of white (top), green,
and red; the national emblem formerly on the hoist side of the white
stripe has been removed-it contained a rampant lion within a wreath of
wheat ears below a red five-pointed star and above a ribbon bearing
the dates 681 (first Bulgarian state established) and 1944 (liberation
from Nazi control)

@Bulgaria:Economy

Economy-overview: One of the poorest countries of central Europe,
Bulgaria has slowly been moving from its old command economy towards a
market-oriented economy. The economy faced a major crisis in 1996,
marked by a banking system in turmoil, a depreciating currency, and
contracting production and foreign trade. Foreign exchange reserves
dwindled to $518 million, while dramatically hiked interest rates
added to the domestic debt burden and stifled growth. GDP fell by 11%
in 1996, after experiencing 2.0% growth in 1995. Privatization of
state-owned industries stagnated, although the first auction of a mass
privatization program was undertaken in late 1996. Lagging progress on
structural reforms led to postponement of IMF disbursements under a
$580 million standby loan agreed to in July 1996. In November 1996,
the IMF proposed a currency board as Bulgaria's best chance to restore
confidence in the lev, eliminate unnecessary spending, and avoid
hyperinflation. The board was set up on 1 July 1997. Its establishment
was followed by a reduction in inflation and interest rates and by a
rise in foreign investment. Simultaneously the government pledged to
sell off some of the most attractive state assets. GDP in 1997 dropped
7.4%, but is expected to rebound to an estimated 2% in 1998. Other
government objectives include: the completion of land reform, the
privatization and strengthening of the banking system, and the
modernization of the legal environment of business.

GDP: purchasing power parity-$35.6 billion (1997 est.)

GDP-real growth rate: -7.4% (1997 est.)

GDP-per capita: p