Bulgarian Cabinet Okays Draft Budget for 2014

Finance | October 30, 2013, Wednesday // 17:59|  views

Bulgaria's Finance Minister Petar Chobanov, photo by BGNES

Bulgaria’s cabinet gave green light to the country’s draft state budget for 2014 at its regular sitting on Wednesday.

Finance Minister Petar Chobanov is expected to file the draft budget to Parliament on Wednesday evening.

The draft budget envisions a GDP growth of 1.8% and a state debt of BGN 18 B by the end of 2014.

The deficit is forecast to narrow to 1.8% of GDP from 2% in 2013 and contract more to 1.5% and 1.1% of GDP in 2015 and 2016.

The cabinet plans to allocate BGN 500 M in next year’s budget to a public investment program aimed at modernizing roads, ports, water supply systems and other infrastructure projects.

The government plans to increase pensions by 3 percent starting July 1, 2014, and estimates revenue for that year at about BGN 31 B and spending at BGN 32.4 B.

The minimum salary in the country will be increased to BGN 340 as of January 1, 2014 if the draft budget passes.

The emphasis in measures to stimulate economic growth in Bulgaria's State Budget 2014 is placed on increasing efficiency of public spending and improving the quality of public services, according to the ruling Socialist-led coalition.

Other stimuli include proposals in tax legislation to reduce administrative burdens and improving the functioning of the single account.

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Tags: Petar Chobanov, draft state budget, draft budget, state budget, finance minister, Bulgaria


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