Bulgarian government hires foreign factoring company to recover debts
The Bulgarian government has been advised by Parliament to acquire the services of a foreign factoring agency to recover debts owed to Bulgaria from other countries. As a direct result of the Bulgarian Communist Party’s funding of military regimes from 1968 to 1989, the country is now owed $2.1 billion from Africa, the Middle East, Latin America and Europe. According to Parliament the government’s strategies so far have been unsuccessful and it urgently needs to devise a strategy for management of debts to the country.Alongside this move, the government has also been advised to set up a separate agency to coordinate the actions of various institutions in this respect. Members of Parliament also proposed the agency should be directly governed by the Council of Ministers. Source;<em>Hoovers</em>
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