Bulgarian EconMin: Veto on Budget Update Is Detrimental

Finance | August 4, 2013, Sunday // 13:34|  views

Bulgarian Economy and Energy Minister Dragomir Stoynev. Photo by BGNES

Dragomir Stoynev, Bulgaria's Economy and Energy Minister, says that a possible presidential veto on the revised State budget 2013 will be detrimental for the planned measures for the disadvantaged people and for repaying what is owed to the business.

Speaking for the public radio Sunday, the Minister warned if the above was to materialize, the government should not be held responsible.

He proposed that President, Rosen Plevneliev, meets with Finance Minister, Petar Chobanov, so that the latter could explain why the update has been a must.

Plevneliev has already said he was ready to veto the new State Budget Act, but not before hearing all pros and cons.

The country rulers see the likely veto as an unprecedented interference of the Head of State in the policies of the executive power.

Bulgarian Members of the Parliament passed at second reading last Thursday the draft actualization of State budget 2013, turning it into law.

The current, Socialist-endorsed Cabinet of former Finance Minister and now Prime Minister, Plamen Oresharski, and Finance Minister, Petar Chobanov, decided in mid-July it was necessary to revise the budget prepared by Simeon Djankov, Finance Minister in the previous Cabinet of the center-right Citizens for European Development of Bulgaria party, GERB.

After the vote, Chobanov addressed indirectly President, Rosen Plevneliev, saying he was hoping the Head of State had listened to the debates carefully and will allow the budget process in the country to run smoothly.

The Bulgarian Trud (Labor) daily wrote last Tuesday that Plevneliev was very close to vetoing the controversial actualization of State budget 2013.

The update includes a plan to take a new loan in the amount of BGN 1 B to be used as a buffer for the fiscal reserve in 2014, when Bulgaria must make new payments on its foreign debt. Other funds will be slated for the overdue money for the business and for social measures.

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