The Ministry of Finance Launches a Project on Strengthening the Capacity for Implementation of the National Strategy for Financial Literacy
The Ministry of Finance launches the activities under a Project “Strengthening of the Capacity for Implementation of the National Strategy for Financial Literacy” (2022-2024). The project is carried out under the European Commission’s Technical Support Instrument and will be implemented with the assistance of the Organisation for Economic Cooperation and Development (OECD).
A coordination mechanism was set up in Bulgaria in 2019, with the Ministry of Finance having a key role and with the broad participation of the executive, the supervisory bodies, the NGO sector and training institutions.
Its purpose is to enhance the level of domestic financial literacy in the medium and long term.
After long consultations at local level and with the help of the OECD and the Ministry of Finance of the Netherlands (within a joint 5-year financial literacy project (2018-2022), Bulgaria drafted, agreed and adopted its first National Strategy for Financial Literacy (NSFL) and Action Plan (2021-2025) thereto.
The Technical Support Instrument (2022-2024) project is a build-up and aims to strengthen the capacity for conducting policies aimed at increasing the financial literacy and to achieve the goals set in the NSFL. One of its main targets is the digital financial literacy as a specific expertise is needed to respond to the new opportunities and challenges offered by the digital financial services. It also envisages the development of specific content providing information about the new possibilities and the new risks related to the use of digital financial services. Another important component of the project is providing support with the setting up of a Single Internet Portal for Financial Literacy and the development of its initial informational and educational content. The project also plans to enhance the mechanisms for monitoring and evaluation of the implementation of the NSFL and the Action Plan thereto, as well as of separate training programmes in the financial literacy field, etc.