Bulgarian Parliament to Discuss Draft Budget 2014 ASAP – Speaker

Bulgaria's Finance Minister Petar Chobanov (L) presented the budget to Parliament Chair Mihail Mikov (R) on Wednesday. Photo by BGNES

Bulgaria’s Parliament is to discuss the draft state budget for 2014 “in the shortest time possible”, Parliament Speaker Mihail Mikov said Wednesday evening.

Upon presenting the draft budget to Mikov, Finance Minister Petar Chobanov named economic growth, education, public investments, municipalities, social policies and the balanced development of regions as its key priorities.

The Bulgarian cabinet gave green light to the draft budget at its regular sitting earlier on Wednesday.

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.

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