/ world today news/ There are four main pillars on which the state rests – political stability, financial stability, sustainability and predictability of the business environment and human resources.
Without qualified people, there is no investment in quality and sustainable jobs, no absorption of European funds, and no effective government. This is what the executive chairman of the Bulgarian Chamber of Commerce (BCC) Bozhidar Danev told Trud.
There is no high productivity economy, and there will be no high wages. The MyCompetence.bg system creates an opportunity for a connection between the economy and human resources, for bringing professional standards closer to educational standards, added Danev. The system enables anyone looking for career development to test whether their skills and competencies meet the requirements of employers. When they see their gaps, people can educate themselves using e-library literature or go through e-learning. Employers and institutions can use it to assess the qualities of job applicants. Each enterprise can adapt the system according to its requirements for skills and competences. Recent research shows that the life cycle of a major is constantly shortening. For example, for information technologies, it is 6 months, explained Danev.
Regarding the country’s financial stability, Danev said that, unfortunately, the revocation of KTB’s license has led to the country’s financial instability. Macrofinancial risk is growing dramatically. An example of this is that the Bank Deposit Guarantee Fund has been decapitalized. Fiscal balances are at risk. Our country will be absolutely helpless to defend itself with domestic sources in the event of another event similar to that with KTB. It has to go down the path of increasing debt again. Unfortunately, we are not learning from the lessons of KTB. The state took away its license, but at the same time it did not protect its interests and the bank is currently being looted, Danev emphasized.
When asked whether the changes in the Bankruptcy Law will not stop the looting, Danev replied that every legal decision that is written on the knee has weaknesses. With such thoughtless decisions, the political elite has led us into quite a few legal traps. The question needs to be answered who are the people who took advantage of insider information and withdrew huge sums before the closure of KTB. There are withdrawals of 10 mln. BGN and more. These same people are currently buying assets on assignment. The first thing to do is for the NRA to verify that the large savings are legitimate. The best decision was not to revoke the license, but to look for tools to rehabilitate the bank. Special legislation must now be made for KTB, which could bring problems for other banks, Danev explained.
First, because the changes are made in a very short time. Moreover, our experience shows that these people do not have the financial culture to produce such laws. An example of such mistakes is the legislation on universal pension funds. According to him, the higher the yield of a fund, the more new policyholders are automatically allocated there. This pushes companies to make risky investments. And the KTB case showed that whoever strives for maximum profitability in order to receive high interest, ends up suffering high losses. I will give another example of a legal trap created by the legislator. Recently, the Minister of Health, Petar Moskov, attacked hospitals that invested their money in KTB. However, the Law on Public Procurement stipulates that state-owned enterprises are obliged to collect three bids and invest their money where the interest rate is the highest. That is, the law has created a trap to enter the bank that offers the highest financial risk, Danev said.
In the energy sector, the situation continues to be dramatic. There, the losses are 200 million. BGN annually. We do not know what the decision of the Arbitration Court in Paris will be on the claim of “Atomstroyexport” on the “Belene” NPP case. Such financial risks are everywhere. An example of this is the high corporate indebtedness (over BGN 173 billion), the volume of non-performing loans. All this deters investors. Our economy is in 18 months of deflation. Have you heard of any institution being concerned and taking measures, asks Danev.
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