Premier Kostov Supports Legislative Amendments for BTC Sale.

05.04.2000

The clauses of the draft contract for the sale of the Bulgarian Telecommunications Company (BTC) concerning amendment to the legislation, were analysed by the parliamentary appropriation, legal and economic commissions yesterday. According to transport and communications minister Antoni Slavinski the buyers are fully aware they must assume the debts of the Bulgarian Telecommunications Company /BTC/ amounting to USD 110 million to international lenders. BTC drew a USD 150 million loan in 1992 to digitalise the network and principal has been partly repaid. The MPs gave their principle support for the cabinet's draft amendments to the privatization act, and the acts on government awards and telecommunications. Premier Kostov made an unprecedented visit to parliament and attended the session of the legal commission, in an attempt to advocate for adopting the draft amendments. The commission demanded that the draft provision concerning compensations paid by the Bulgarian government to the buyers in case it does not comply with the contract, is ratified by the parliament. If parliament does not support this privatization transaction, the cabinet will cancel it, said deputy premier Petar Zhotev