Bulgaria's MPs Pass Fiscal Council Proposal at First Reading

Bulgaria's Parliament adopted at first reading the establishment of a Fiscal Council proposed by the government.

The proposal was voted in favor by 91 MPs, 11 were against and 30 abstained.

The Fiscal Council will be established as an independent body which will monitor fiscal policy and will prepare analysis and advice, as well as create conditions for increasing budget transparency and accountability.

The Council will have five members, including a chairperson. Members will be elected by the National Assembly for a term of 6 years.

The establishment of a Fiscal Council aims at transposing European directives in Bulgarian legislation and fulfilling the country's commitments as a member of the EU.

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