The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Debt savings and strong growth win awards

Padraic Fallon, chairman of Euromoney Institutional Investor, presented the 2002 finance minister of the year award to Bulgaria's Milen Veltchev and the central bank governor of the year award to Australia's Ian Macfarlane at the Omni Shoreham Hotel in Washington at the end of the annual IMF/World Bank meetings.


Veltchev, a former emerging debt markets investment banker, has restructured his country's external finances through a quick-fire string of exchange deals through his first year in government, but still expressed surprise at winning the award. He told the reception: "Who would have thought a year ago that a Merrill Lynch banker would have been here getting the finance minister of the year award instead of testifying to Eliot Spitzer."


Veltchev's efforts have been substantial. His exchange deals have cut Bulgaria's debt ratio from 75% of GDP to closer to 60% and eliminated half of the country's Brady bond debt. Veltchev expressed appreciation of his colleagues in government and also offered "a special mention to our friends at the IMF who keep us on our toes".



Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree