Mass Privatization Brochure. In cooperation with a variety of government and independent experts (of whom some are quite critical of the record to date), CSD developed a brochure on mass privatization for distribution to the public which was also circulated to a much wider group of key government officials, parliament, ministries, economists, bankers and the media. Five thousand copies were published.

Opinion Polls. To reinforce its watchdog function CSD conducted a survey in November 1995 to monitor attitudes of the Bulgarian public toward mass privatization just prior to its start. The survey involved 2,652 face-to-face interviews in Varna, Plovdiv and Sofia. Findings indicated that the population's level of awareness was still low, although increasing. The readiness for participation in mass privatization was relatively high, but many people were skeptical that it would be a hidden process over which society will not be able to exercise sufficient control. Finally, there was a negative attitude toward the management of privatization vouchers by financial institutions. Survey results were published in CSD's Monitor of Privatization and Foreign Investment.

Debt-for-Equity. CSD tracked and analyzed the role for debt-for-equity swaps in the market privatization process in the upcoming year and studied Bulgaria's recent experience in the use of Brady bonds. Based on this analysis CSD then advocated that the government develop a series of regulations to implement the "Ordinance on the Terms and Conditions for Participation by the Use of Bulgaria's State External Debt Bonds."

Workshop with Impact. In October 1995 CSD held a workshop to analyze the existing legal framework for mass privatization and to suggest improvements. Attended by representatives of the Center for Mass Privatization, the Privatization Agency, and Council of Ministers experts, the discussions received broad press coverage. As a result of the discussion, a policy paper entitled "Mass Privatization Starts Amidst Apprehension" was prepared. Two of its major proposals for new texts in the laws were later incorporated into the final version of the Privatization Funds Act.

Municipal Privatization. In the area of municipal privatization CSD replicated its successful experience in the town of Bansko, where it was instrumental in establishing a special investment fund in 1994 for the proceeds of privatization, which helped popularize privatization at the local level. CSD disseminated information packets offering assistance in establishing and managing such investment funds to 12 municipalities. The municipalities were selected because they have the highest relative share of municipally-owned property in the country and because they are remote towns, far from major population centers, and have limited access to aid and assistance.

Media Coverage

CSD continues to generate extensive media coverage. During the first quarter of 1996 four reports were broadcast, while twelve articles were published in specialized daily and weekly business media such as Pari, Bulgarian Business, Capital Market, and Banker (circulations range from 20,000 to 40,000). The articles addressed the legal framework for mass privatization and foreign debt conversion and were directed to policy makers and the business community. Articles of a more general nature written for a broader audience appeared in 24 Hours, Continent and Demokratsiya, national daily newspapers with circulations of 50,000 to 150,000. Throughout, CSD has published its Monitor bulletin, which is distributed to major dailies and radio programs. This expansion of the Monitor's distribution to the media has helped to keep the public aware of how the privatization process is proceeding and let officials know that an independent think tank is tracking their performance. (CSD is currently the only independent and non-partisan institution in Bulgaria capable of fulfilling this crucial oversight function.)