Survey Article: Progress on Privatization in Bulgaria

Jean M Due and Stephen C Schmidt

Comparative Economic Studies, 1995, vol. 37, issue 1, 55-77

Abstract: Bulgaria began its privatization program following independence in 1989 by establishing a privatization agency to guide privatization priorities, levels of government responsibility for sales, and valuation procedures. While many small businesses have been privatized, sales in the medium and large-scale sector have been slow and few in number despite a voucher system introduced in 1994. Government policy may have deterred foreign investors as well as complicated the return of urban property and farmland to former 1946 owners or their heirs. Restitution procedures have been established but claims have to be justified and boundaries reestablished, thus while 70% of urban property has been restituted, claims of agricultural land outnumber available land. A new government, elected in December 1994, argues for a greater engagement of the state in economic life and an economic policy based on the regulated market.

Date: 1995
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