National budget for 2018 now in effect

Left to right: The ministers of health, social policy and finance - Kiril Ananiev, Biser Petkov and Vladislav Goranov
Photo: BGNES

The new national budget comes into effect today. It envisages a deficit of 1 billion 100 million Leva, even though last year the treasury ended the year with a surplus of close to 800 million Leva.

According to the parametres of the 2018 budget, the state will only be able to take out a loan from the domestic market which cannot exceed 1 billion Leva which will only be used for:

Repayments and the net funding will remain negative. In the coming year we shall pay off 600 million more debts,” explained Finance Minister Vladislav Goranov.

The past two years have seen the planning of a budget deficit, though the year ended in surplus. There is a deficit planned for 2018 too because the budget: “On the expenditure side looks to the young, takes care, albeit not always sufficiently, of the people who cannot take care of themselves, of the elderly and without taking away any of the assets – of the people who create wealth.”

More money has been earmarked for education, for healthcare, social activities, the Interior Ministry, for defence. Addressing all those demanding more funding, Minister Goranov said:

“We must get used to the idea that we must cut our coat according to our cloth.”

The budget is criticized most of all for failing to create buffers against the future overheating of the economy, and that it is not used to put in place vital reforms in a number of sectors. 

More from category

Backbone of European economy will be professionals of the future with good digital skills

"Unemployment in the EU has reached a record low level for the past ten years, but still the number of unemployed young people is big," European Commissioner responsible for employment, social affairs, skills and labour mobility Marianne Thyssen..

published on 4/19/18 2:04 PM

Bulgarian emigrants are biggest investors in their home country

There is no official statistics about the number of the “new Bulgarian emigrants” who left this country after 1989. Their number perhaps fluctuates between 1 and 1.5 million. Most of the Bulgarian emigrants settled in North America and the EU..

published on 4/16/18 12:00 PM

Bulgarian company to compete for USD 1 mln. award

The NASEKOMO startup, developing an innovative technology for conversion of organic waste into an alternative protein source via the black fly larvae will present this country at the final of the Chivas Venture 2018 contest for business with a..

published on 4/14/18 8:00 AM