Bulgaria
The interim government appointed by President Radev has increased Bulgaria’s contribution to the bank of the former Eastern bloc countries
Bulgaria has increased its shares in the paid-up authorised capital of the International Investment Bank. This decision was taken by the interim government of pro-Russian President Rumen Radev at an extraordinary meeting on Sunday evening. In so doing, literally hours before handing over power to the new regular government, the cabinet appointed solely by the president contributed another 42 millionс euros to a financial institution with a dubious reputation. It is important to make it clear that after this decision, Bulgaria became the second largest shareholder in the until recently Moscow-based bank.
The history of the financial institution started in 1970, when it was established to serve the Council for Mutual Economic Assistance, the so-called COMECON. The International Investment Bank presents nowadays practically an institutional remnant of the totalitarian past of the former Eastern bloc. Due to its close ties to Russia, analysts maintain that the bank promotes Moscow’s financial and economic policies. The latter is evident in some of the other members of the bank - Cuba, Mongolia and Vietnam.
With its decision, Radev’s interim government is investing in the consolidation of Russia’s economic influence in Europe and in the world. This is in total dissonance and in complete contradiction with Bulgaria’s Euro-Atlantic orientation, pursuant to which it would be logically for Bulgaria to suspend its presence in a credit institution with a contradictory image, instead of strengthening the position of this bank on the international stage.
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