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Caretaker cabinet proposes a 2023 state budget with a 6.4% deficit

Photo: BGNES

The caretaker government is proposing a state budget bill for 2023 with a deficit of 6.4% of the GDP, or more than twice the 3% required by the Eurozone criteria. This was announced at a briefing by Prime Minister Galab Donev and Finance Minister Rositsa Velkova. 

In order to achieve a 3% deficit, in March the caretaker government proposed changes to the tax legislation - restoring the reduced rates of VAT and "surplus profit" tax and reducing spending. However, it became clear from what was stated this week by the two largest political coalitions GERB-SDS and PP-DB that they do not support the changes in the tax legislation proposed by the caretaker government. 

Similar comments were also expressed by the other parliamentary parties. For this reason, after an analysis, the caretaker government has decided to submit to the parliament a  state budget bill for 2023 with a deficit of 6.4% of the GDP, which means almost BGN 12 billion /over EUR 6 billion/.

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