Finance Minister in the caretaker cabinet Rositza Velkova has asked the ministries, by letter, to cut expenditure by 20% due to a risk to the budget, Trud and 24 Chasa write in their online versions.
The cause for concern is the accumulated spending because of bills voted by the previous parliaments. “Implementing them undermines the budget balance, and a deficit of 7% for 2023 is to be expected,” Minister Velkova stated, and went on to enumerate the factors that are the biggest threat to fiscal stability: the increase in pensions and social payments, the reduced taxes and the non-implementation of European and investment programmes. To cover the deficit, the country will have to take out new loans and the debt could reach up to 60% of the GDP, Rositza Velkova warned.
MPs have agreed to extend the 0% VAT on bread and flour, which was due to expire on June 30, until the end of 2024. Under the GERB proposal, traders will be allowed to add a maximum of 15% profit margin on bread, but the proposal is limited to the most..
Bulgargaz expects the price of natural gas next month to be 5 to 6% lower as compared to April. During an open meeting at the Energy and Water Regulatory Commission, the initially proposed price of EUR29.12 per megawatt-hour was reduced to EUR28.36. The..
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. This is the date on which an auction has been announced for 6-month treasury bonds with an annual..
MPs have agreed to extend the 0% VAT on bread and flour, which was due to expire on June 30, until the end of 2024. Under the GERB proposal, traders will..
+359 2 9336 661