The Parliament adopted at first and second reading in one sitting the Draft Law on Ratification of the Agreement between the International Bank for Economic Cooperation (IBEC) and the Government of the Republic of Bulgaria for the Final Settlement of Mutual Claims and Obligations in Connection with the Withdrawal of our Country from Membership in the Bank. The ratification of the agreement was supported by all parliamentary groups except ""Vazrazhdane", which were "against", reports BTA.
The membership of the Republic of Bulgaria in the International Bank for Economic Cooperation was terminated on August 17, 2023, in implementation of the Law on Denunciation of the Agreement Establishing the International Investment Bank and the The Agreement on the Organization and Activities of the International Bank for Economic Cooperation.
The Agreement provides that the International Bank for Economic Cooperation shall pay Bulgaria the full amount of its contribution to the paid-in capital of the Bank in the amount of 15.1 million euros, through increasing annual installments, in accordance with a schedule provided for in the Agreement for a period of 20 years. The relations between the Bank and our country shall be considered fully settled after the full amount of Bulgaria's contribution is paid by the Bank.
According to the Agreement, Bulgaria has no obligations to the Bank and, accordingly, the Bank has no claims to Bulgaria in connection with its withdrawal.
Deputy Minister of Finance Lyudmila Petkova indicated that the Agreement settles the issue of the return of Bulgaria's capital in the amount of 15.1 million euros for a period of 20 years and terminates the relations between the Bank and Bulgaria without the parties having any claims.
Dimo Drenchev ("Vazrazhdane") commented that what is happening is a result of a decision of the National Assembly in 2023, when Bulgaria, together with European countries, withdrew from the MBIS, as a result of the bank being unable to operate due to European Union sanctions, because its headquarters are in Moscow. What we will adopt shortly will close a potential opportunity for Bulgarian business to work with Vietnam and the Russian Federation, he pointed out. In his words, against the backdrop of the stagnation that is looming due to the energy crisis, we should rather refrain from such decisions. We have traditions of over 60 years with this bank, but under pressure from Brussels we will have to leave and wait for our money in the next 20 years, if the Russian side deigns to pay us back, even more so in euros or dollars, because this agreement allows them to pay us in whatever currency they deem fit, Drenchev added.