Bulgaria : Railways Policy Note

Under a succession of reform-minded governments, the Bulgarian rail sector has achieved some ambitious targets-stable traffic volumes and hard-won financial stability that was endorsed by investor confidence during a recent bond issuance for EUR 12...

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Bibliographic Details
Main Author:	World Bank
Format:	Policy Note
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING AIR AIR TRAVEL ARREARS ASSET MANAGEMENT AUDIT COMMITTEE AVERAGE PASSENGER BID BOND BOND ISSUANCE BUDGET CONSTRAINTS CAPITAL BASE CAPITAL INVESTMENT CAPITAL INVESTMENT PROGRAM CAR CAR OWNERSHIP CEMENT CLIMATE CHANGE COMMUTERS COMPETITION FROM ROAD COMPETITION FROM ROAD TRANSPORT CONTRACTUAL OBLIGATIONS CONTRACTUAL RELATIONSHIP CONTRACTUAL RELATIONSHIPS CORPORATE GOVERNANCE COST EFFECTIVENESS COST RECOVERY RATIO CROSS SUBSIDIES CROSSINGS CURRENCY DIESEL DIESEL LOCOMOTIVES DIRECT ROUTES DRIVERS ECONOMIES OF SCALE EQUIPMENT EROSION EXCHANGE RATE EXPENDITURES EXPRESS TRAIN EXPRESS TRAINS FAST TRAINS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL PERFORMANCE FINANCIAL STABILITY FINANCIAL SUPPORT FLEETS FRAMEWORK FREIGHT FREIGHT [TON FREIGHT DEMAND FREIGHT FLEET FREIGHT MARKET FREIGHT OPERATOR FREIGHT OPERATORS FREIGHT RATES FREIGHT SECTOR FREIGHT SERVICES FREIGHT TON FREIGHT TRAFFIC FREIGHT TRANSPORT FREIGHT TRANSPORT MARKET FREIGHT WAGONS FUELS GLOBAL ECONOMY GOVERNMENT POLICY GREEN HOUSE GAS EMISSIONS GROSS DOMESTIC PRODUCT HIGH SPEED TRAIN HOLDING HUMAN RESOURCES INCOME INFRASTRUCTURE COST INFRASTRUCTURE COSTS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCING INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PLANNING INLAND WATERWAYS INTERNATIONAL BANK INTERNATIONAL FINANCIAL INSTITUTION INTERNATIONAL TRANSIT INVESTMENT DECISIONS INVESTMENT IN RAILWAY INFRASTRUCTURE INVESTOR CONFIDENCE LEASING LEGAL FRAMEWORK LOCAL AUTHORITIES LOCAL GOVERNMENTS LOCAL TRAFFIC LOCOMOTIVE LONG-DISTANCE MARKET ACCESS MARKET SHARE MINISTRY OF TRANSPORT MOBILITY MODAL SHARE NATIONAL INFRASTRUCTURE NATIONAL RAILWAY NATIONAL TRANSPORT PASSENGER COACHES PASSENGER SERVICE PASSENGER SERVICES PASSENGER TRAFFIC PASSENGER TRAIN PASSENGER TRAINS PASSENGER TRANSPORT PASSENGER TRAVEL PASSENGER-KILOMETER PASSENGERS PATRONAGE POTENTIAL INVESTMENTS PPP PRIVATE SECTOR PARTICIPATION PSO PUBLIC FINANCES PUBLIC FUNDS PUBLIC SERVICE OBLIGATION PUBLIC SPENDING PURCHASING POWER PURCHASING POWER PARITY RAIL RAIL FREIGHT RAIL FREIGHT MARKET RAIL FREIGHT OPERATORS RAIL INDUSTRY RAIL INFRASTRUCTURE RAIL INFRASTRUCTURE ASSETS RAIL INLAND WATERWAYS RAIL LINES RAIL LINKS RAIL MARKET RAIL NETWORK RAIL NETWORKS RAIL SECTOR RAIL SERVICES RAIL SYSTEM RAIL TRAFFIC RAIL TRAFFIC DENSITY RAIL TRANSPORT RAILROAD RAILWAY RAILWAY ACTIVITIES RAILWAY ADMINISTRATION RAILWAY AUTHORITY RAILWAY BUSINESS RAILWAY CAPACITY RAILWAY COMPANIES RAILWAY COMPANY RAILWAY EMPLOYEES RAILWAY FREIGHT RAILWAY INDUSTRY RAILWAY INVESTMENT RAILWAY LINES RAILWAY MANAGEMENT RAILWAY MARKET RAILWAY NETWORK RAILWAY NETWORKS RAILWAY OPERATIONS RAILWAY OPERATOR RAILWAY OPERATORS RAILWAY PERFORMANCE RAILWAY REFORM RAILWAY REFORMS RAILWAY REHABILITATION RAILWAY SAFETY RAILWAY SAFETY AGENCY RAILWAY SECTOR RAILWAY SERVICE RAILWAY STAFF RAILWAY SYSTEM RAILWAY TRACK RAILWAY TRAFFIC RAILWAY TRANSPORT RAILWAY UNDERTAKINGS RAILWAYS RAILWAYS DEVELOPMENT RATE OF RETURN REDUCTIONS IN TRAFFIC RISK MANAGEMENT ROAD ROAD CONGESTION ROAD SAFETY ROAD TRANSPORT ROADS ROLLING STOCK ROUTE ROUTES SAFETY SERVICE CONTRACTS SPEED STATIONS STEEL STRUCTURES SUBURBAN TRAINS TAX TRACK TRACK MACHINERY TRACK MACHINES TRAFFIC TRAFFIC CONTROL TRAFFIC DEMAND TRAFFIC DENSITY TRAFFIC INTENSITY TRAFFIC LEVELS TRAFFIC MANAGEMENT TRAFFIC SAFETY TRAFFIC UNITS TRAFFIC VOLUME TRAFFIC VOLUMES TRAIN CONTROL TRANSPARENCY TRANSPORT DEMAND TRANSPORT EXTERNALITIES TRANSPORT MARKET TRANSPORT MODES TRANSPORT POLICY TRANSPORT PRICE TRANSPORT SECTOR TRANSPORT SERVICE TRANSPORT SERVICES TRANSPORT SYSTEM TRANSPORT VOLUME
Online Access:	http://documents.worldbank.org/curated/en/2009/03/16374029/bulgaria-railways-policy-note http://hdl.handle.net/10986/12886

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Summary:	Under a succession of reform-minded governments, the Bulgarian rail sector has achieved some ambitious targets-stable traffic volumes and hard-won financial stability that was endorsed by investor confidence during a recent bond issuance for EUR 120 million. Today, all Acquis Communautaires relevant to the rail sector have been adopted. Vertical unbundling of services separated public railway infrastructure from operation of railway transport services; the track access charges that were introduced opened market access to rail infrastructure and allowed cost recovery; and public service contracts were laid out to clarify government contributions to the sector. In addition, Bulgaria's substantial accomplishments in improving railway operating efficiency included reducing the State-owned railway company staff by 40 percent; creating a holding company structure with three legally independent subsidiaries and business lines-freight, passengers, and traction services. The various roles of the State in Bulgaria's rail industry- policymaker, regulator, owner, and client require a cultural change if Government is to optimize the balance among public policy choices, entity management constraints, and available fiscal space. Overcoming the railway industry's challenges will be difficult and should not be underestimated; the current financial crisis will appear to militate against immediate action in an investment-intensive sector such as infrastructure, but the railway industry in Bulgaria has never been better positioned to move forward. Postponing the completion phase of railway reform will not only squander future economic prospects through continued asset deterioration and loss of market share, but also lay waste to the past investments that have brought the country so far along in attaining today's railway market position and financial stability.

Bulgaria : Railways Policy Note

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