Bulgaria's Parliament to Debate Draft Budget 2014

Bulgaria's Finance Minister Petar Chobanov (L) presented the budget to Parliament Chair Mihail Mikov (R) on October 30. Photo by BGNES

Bulgaria’s Parliament is to debate at first reading draft state budget for 2014 on Tusday.

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

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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