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National and Regional Investment Funds in Bulgaria Seminar, 23 - 25 March 1994, Bansko
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The seminar on Investment funds follows up on the municipal privatization seminar, insofar as privatization constitutes a key mechanism for furthering regional development and local self-government. Under the conditions of restrictive budgetary policy, the budgets of the municipalities are not in a position to cover even current expenditures. The implementation of the municipal investment programs is impossible within the subsidies extended by the central authorities. The revenues from the privatization of unicipalenterprises could be a possible source financing the municipal activities. However, the available information from the municipalities indicates that these resources have been blocked and are not being used. One of the reasons for that is the lack of information' and skills for an active financial policy on the part of local authorities. In this sense, the seminar was designed to familiarize the mayors of 9 municipalities in different parts of the country with various possible means for accumulation and use of municipal financial resources for the purpose of advancing privatization and regional development.
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