Bulgarian Finance Minister Plamen Orecharski signed on Tuesday two agreements for over 140 million euro with the International Bank for Reconstruction and Development under the World Bank, local Sofia News Agency reported.

The funds are going to be used in programs in the areas of education, health care and the social sector.

Oresharski explained that the two loans were going to not only help Bulgaria's finances, but the realization of successful policies in the above areas.

Bulgaria receives 101.7 million euro for reforms in education, health care and the social sector as part of a joint program with the World Bank. This is Bulgaria's second such loan.

The other loan has two components -- building of new infrastructure for children (day care centers etc) aimed at children of 6-years old and younger and their families, building capacity for collaboration among different institutions, work with non-government organizations and accessing European Union funds at the local level.

The finance minister also pointed out at the signature ceremony that Bulgaria did not need assistance from the International Monetary Fund (IMF) in order to fight the effects of the global financial crisis, adding that as a member of the IMF, the country could always resort to such step.

(Xinhua News Agency November 19, 2008)