Bulgarian President to Meet FinMin, Opposition over Fiscal Stability Pact

Bulgarian President Georgi Parvanov (L) and Minister of Finance Simeon Djankov (R) have a record of bad interpersonal relations. Photos by BGNES

Bulgarian President Georgi Parvanov will hold talks with FinMin Simeon Djankov and the Bulgarian Socialist Party over the so-called Financial Stability pact authored by Djankov.

The pact, involving constitutional amendments to make harder changing the tax system in the country, setting a limit to redistribution at 40% and of budget deficit at 2%, is currently under discussion at the Bulgarian Parliament, with debates set to continue Wednesday.

The Bulgarian Socialist Party, the largest opposition party to PM Boyko Borisov's center-right GERB cabinet, has stated it opposes the project, arguing that it will tie the hands of future governments in terms of fiscal and economic policy and will severely limit opportunities to boost the economy and work for social justice.

Wednesday afternoon President Parvanov is set to meet both the Financial Stability Pact's mastermind, Minister of Finance Simeon Djankov, and representatives of the Socialists' parliamentary group to hear the arguments on both sides.

Tuesday BSP leader and former Bulgarian PM Sergey Stanishev called for an ousting of Djankov on the part of what he called his comprehensive incompetence and ulterior motives.

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