This is the audio from our latest YouTube video for those of you who enjoy listening to our content on the go. You can read more about the episode below:

In this video, we're talking to Jerry Schiff, IMF Mission Chief in Bulgaria between 2001 and 2003 on the country's economic system transition from a command economy to a free market economy in the 1990s and early 2000s. We talk about the reforms, challenges, and what it was like working with the Bulgarian government at the time, led by Simeon Saxe-Coburg of NDSV, supported by DPS. The period is particularly important, as it follows one of the worst periods of hyperinflation seen in a European country and Bulgaria's near state of bankruptcy in 1996-1997. This was when the IMF provided a stand-by loan of 657 million USD to Bulgaria and several measures were taken, such as the introduction of a currency board and the acceleration of privatization of state-owned industry, which had become pressing, due to significant delays. During this period, the first steps were taken toward joining the European Union.