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The great public figure and Bulgaria’s only Finance Minister, Professor Hristina Vucheva, died at the age of 83.
Until recently he participated with his active civil position in the public life of our country. His last public appearance was on September 17 this year, when he commented on the government-issued debt of BGN 5 billion and said to talk about “Good luck” of the operation is exaggerated.
“It is with great regret that we announce that today, October 15, 2020, Professor Hristina Vucheva, Bulgarian economist, Deputy Prime Minister and Minister of Finance of Bulgaria from 1994 to 1995 passed away.” it is said in a family statement.
“Until her last breath, Professor Hristina Vucheva was one of the strongest voices in defense of the rule of law and the moral principles of government. A loving mother, loyal friend and public activist until her last breath, she helped us all to be more good. It will be missing “, it is said in the Vuchevi family message.
Professor Vucheva was born in 1937 in Pazardzhik. He graduated from the commercial high school in the city, and later – the Higher Institute of Economics “Karl Marx” in Sofia. Excluded during the so-called Hungarian events, restored and completed in 1959.
He works as an economist and accountant at Pazardzhik.
In 1967, after a competition, he entered the Ministry of Finance at the Research Institute as an associate researcher. He received the title of senior researcher and doctor of economics. It deals with the issues of business loans and financing.
In 1992-1997 he was Head of the Department of Economic Policy.
He has been a professor since 1991. He participated in the drafting of basic economic laws in the period 1991-1996.
He became Minister of Finance and Deputy Prime Minister of the interim government of Reneta Indjova. He then taught finance at the University of National and World Economics.
Given the epidemiological situation of the country, the service will be carried out in a close family circle.
Mediapool expresses its condolences to Professor Vucheva’s family and reprints part of her latest financial analysis of September 17, 2020 in her memory.
“I will begin this analysis with a quote from Mr. Kiril Ananiev.” On Tuesday, September 15, we achieved great success in the classification of our first foreign issuance since 2016. “Therefore, our Minister of Finance evaluates loans from international markets: A 10-year issuance for 2.5 billion BGN and an issuance for the same amount, but for 30 years.
It is not difficult to show that this is an exaggerated and incorrect assessment, if it is based on the Bulgarian public interest.
First, even if we are convinced that it is imperative to seek such an amount for new loans, it is not clear enough why we should go to the international market. That amount would be placed too easily and far more usefully in our home market. It is always better to owe “to ourselves” than to external buyers. Economically, at a time when our financial institutions (banks, insurance companies, pension funds and other funds) need safe and relatively good financial investments and when, despite low interest rates, there is no particular interest in granting business loans, the issuance of domestic loans. it would solve many more of our economic problems in macroeconomic terms.
Second, it is important that we do not increase payments abroad in euros due to the demands of the currency board, especially in view of the imminent drop in exports. What we have been boasting of in recent years, fiscal stability, is due to the currency board and the fact that our money issuance is based on our foreign exchange reserves and not on the central bank’s discretion to assess the currency. money issued.
Third, how and why the need for new debt arose, after just a few months ago the Prime Minister stated that despite the new situation with the pandemic, it is not necessary to take new loans because we have a fiscal reserve of around BGN 9 billion.
It can only be regretted that neither the criticisms of the lack of efficiency in spending budget money, nor the protests of the people, which have lasted more than two months, have changed anything in the approach to budget management in our country. It remains vague and monotonous. ”
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