:
chief of mission: Ambassador Snezhana Damianova BOTUSHAROVA
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 (22 July 1996)
embassy : 1 Saborna Street, Sofia
mailing address: Embassy Sofia, Department of State, Washington, DC
50521-5740
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)

Economy

Economy - overview: One of the poorest countries of central Europe,
Bulgaria has slowly continued the process of moving from its old
command economy towards a market-oriented economy. Slow advancement on
economic reforms pitched the economy into crisis in 1996, marked by a
banking system in turmoil, a depreciating currency, inflation of 311%
and contracting production and foreign trade. Foreign exchange
reserves dwindled to extremely low levels ($518 million), while
dramatically hiked interest rates added to the domestic debt burden
and stifled growth. GDP fell by 10% in 1996, after experiencing 2.6%
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. In November 1996, the IMF proposed a currency board
as Bulgaria's best chance to restore confidence in the lev, eliminate
discretionary spending, and avoid hyperinflation. The government has
pledged to sell some of the country's most attractive state assets to
the highest foreign bidders in 1997. The Bulgarian economy is
projected to have another year of negative growth (minus 5%), and
inflation near 700% in 1997, assuming introduction of a currency board
in July of 1997.

GDP: purchasing power parity - $39.9 billion (1996 est.)

GDP - real growth rate: -10% (1996 est.)

GDP - per capita: purchasing power parity - $4,630 (1996 est.)

GDP - composition by sector:
agriculture: 12.6%
industry