Ivan Kostov

Ivan Kostov
Ivan Kostov
Иван Костов
	Leader of the Union of Democratic Forces
	In office; 29 December 1994 – 26 June 2001
Preceded by	Philip Dimitrov
Succeeded by	Ekaterina Mihaylova
Minister of Finance
	In office; 20 December 1990 – 30 December 1992
Prime Minister	Dimitar Popov; Philip Dimitrov
Preceded by	Belcho Belchev
Succeeded by	Stoyan Alexandrov
Member of the 7th Grand National Assembly
	In office; 10 July 1990 – 20 December 1990
Preceded by	Position established
Succeeded by	Position abolished
Personal details
Born	Ivan Yordanov Kostov; 23 December 1949 (age 74); PR Bulgaria
Political party	DSB (since 2004)
Other political; affiliations	SDS (until 2003)
Spouse	Elena Kostova (m. 1974)
Children	2
Alma mater	University of National and World Economy; Sofia University
Occupation	Politician; economist; lecturer; author;

Ivan Yordanov Kostov (

47th Prime Minister of Bulgaria in office from May 1997 to July 2001 and leader of the Union of Democratic Forces

(UDF) between December 1994 and July 2001.

Ivan Kostov graduated in

Filip Dimitrov (November 1991 – December 1992).^[2]

Chairman of the UDF and Prime Minister

Kostov was elected chairman of the UDF in 1994. During the winter of 1996/1997, mass protests took place against Bulgarian Socialist Party's government. The causes for the complete crisis were hyperinflation, unemployment and food shortages. The protests ultimately led to the fall of the socialist government. The UDF won the May 1997 elections, and Kostov became Bulgaria's Prime Minister, his cabinet eventually became the country's first post-communist government to serve its full 4-year term.

Kostov is credited with turning around his country's fortunes, implementing the currency board in Bulgaria, removing price controls and creating a modern market economy, which put it on the path of sustainable economic growth. Under his government, long-delayed economic reforms were carried out, including privatization of state-owned enterprises was carried on a large scale and the country started long-sought accession talks with the European Union (which Bulgaria joined on 1 January 2007).

In foreign affairs, Ivan Kostov followed a strongly pro-EU and pro-NATO course, putting the country on a firm path of integration with the

Republic of Macedonia

instead.

Kostov's rule was characterized by media claims for massive mismanagement and corruption, none of which have been proven. A number of major Soviet era enterprises that were already bankrupt and in the process of liquidation were sold to the highest bidder below the price of their assets because of the tremendous debts these enterprises had. This was done to allow the new investor to save the jobs of the employees, who would otherwise have to immediately lose their job because these enterprises were in a procedure of liquidation to pay off their creditors. This sale under the book value of assets has been misused by critics of Kostov's government since in unfounded accusations of corruption.^{[citation needed]} While successful in stabilizing the country, Bulgaria's current account balance started growing negative.^{[citation needed]}.

Some of Kostov's privatization policies were criticized by his opponents from the Bulgarian Socialist Party. Ultimately the UDF lost in the

National Movement Simeon II. Kostov resigned as chair of the UDF and eventually left the party to establish, in 2004, a new political party, Democrats for a Strong Bulgaria (DSB). He chaired DSB until June 2013.^[3]