UNWE Was The Host of Discussion Prior The IMF – World Bank Constituency Meetings

The University of National and World Economy was the host of discussion on the Relevance of the Bretton-Woods Institutions in the Post-Global Crisis Period prior the IMF – World Bank Constituency Meetings. At the event in Maxima Aula attended Prof. D.Sc.(Econ.) Statty Stattev, Rector of UNWE and member of the Governing Council of BNB, Menno Snel, Executive Director of the International Monetary Fund, Frank Heemskerk, Executive Director of the World Bank Group, Vladislav Goranov, Financial Minister, Kalin Hristov, Deputy Governor of BNB.

Prof. Stattev (in the middle) is opening the discussion. On the left next to him: Minister Vladislav Goranov and Kalin Hristov, on the right: Menno Snel and Frank Heemskerk

It is a great event which happens once in every 15 years, opened the discussion the Rector Prof. D.Sc.(Econ.) Statty Stattev. He was also a moderator of the Forum. Prof. Stattev presented the guests and pointed out the main thematic accents in the discussion: the organizational structure of IMF and the World Bank, communication between both institutions, decision making, voting and the veto power, the IMF loans and instruments for their lending, financial support of countries in crisis, etc.

The Rector of UNWE Prof. D.Sc. (Econ.) Statty Stattev is greeting the participants in the event.

Bulgaria is one of the states which belongs to a group of countries i.e. a constituency group electing and represented by an Executive Director at the IMF and the World Bank organizations. It is a practice to be held such scientific forums in relation to the participation and development of countries in the constituency group and this year the host of the Forum is Bulgaria and such is the discussion today, pointed out Prof. Stattev. The Constituency group in the IMF comprises 15 member states, including: Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, Macedonia, Moldova, Montenegro, the Netherlands, Romania and Ukraine.

Attendees at the Forum in Maxima Aula

“It is an honour for me to be a guest at the largest economic university in Bulgaria”, outlined Menno Snel who was the first to answer the questions of the moderator Prof. Stattev. The Executive Director of IMF examined the work and the structure of the international organization as he emphasized on the fact that the absolute power is exercised by the Board of Governors. He explained the process of decision making and the main activities related to the instrument of IMF for lending the states, as well as how the system works in the consequence of its stages: surveillance (bilateral, regional and global), technical support and lending.

Menno Snel (on the left) and Frank Heemskerk

“We believe in the open global market, our work is to make a consensus between the interests of all member states”, explicitly said Menno Snel. According to his words Bulgaria had deserved compliments for its successful credit programme and that could be said about small number of countries.

“We incorporate the knowledge as a priority for examination”, pointed out Frank Heemskerk, Executive Director of the World Bank Group. He examined the programmes which should be financed with priority in each state. Our position is neutral and we can only lend money but then it’s a question of government decision what to do with it, added Mr. Heemskerk. He explained the main goals of the World Bank: expiring of extreme poverty and boosting the states prosperity.

In Maxima Aula

The Deputy Governor of BNH Kalin Hristov spoke about the representation of Bulgaria in the IMF and the main financial mechanisms in the EU system assisting the lending of lots of money for the member states.

Minister Vladislav Goranov (on the right) and Kalin Hristov

“The politicians often excuse themselves with the international organizations when they are accused of illogical decision making”, commented the Financial Minister Vladislav Goranov.

In the discussion were differentiated the standpoints of participants about the flat taxation. The Minister Goranov as well as the foreign participants in the discussion expressed their points of view on the topic. The Rector Prof. Stattev examined the issue as a macroeconomist and also as a Rector and member of various commissions in the field of education.

Prof. D.Sc.(Econ.) Statty Stattev awarded to Menno Snel, Executive Director of IMF, Frank Heemskerk, Executive Director of the World Bank Group, Vladislav Goranov, Financial Minister and to Kalin Hristov, Deputy Governor of BNB the statuette of Prof. Stephan Bobchev – Founder and First Rector of UNWE (in the pictures below).

The participants in the discussion laid wreaths in front of the monument of Prof. Stephan Bobchev.

The complete video recording of the event is available in the video gallery.