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.
Bulgaria's GDP per capita, expressed in purchasing power standards (PPS), remains the lowest in the EU, according to preliminary data from Eurostat, the official European statistics agency. In 2023, the purchasing power of European citizens ranges..
The National Assembly voted, at second reading, to give the go-ahead to cooperation with the US for the construction of reactors 7 and 8 of the Kozloduy Nuclear Power Plant. Parliament greenlights nuclear project with US technology..
"Bulgartransgaz" has announced a public procurement for "Organizational planning, investment design, supply of necessary materials and equipment, construction and commissioning of new facilities for the expansion of the gas..
Fitch Ratings has affirmed Bulgaria's long-term foreign-currency Issuer Default Rating (IDR) at 'BBB' with a positive outlook. Bulgaria intends..
200 million Leva (over EUR 102 million) of new debt is expected to be taken out on 13 May this year, according to the Bulgarian National Bank website...
+359 2 9336 661