Bulgaria's PM: Current Govt Was Meant To Be Stabilizing Buffer

Domestic | June 23, 2014, Monday // 12:18|  views

Bulgarian Prime Minister Plamen Oresharski, photo by BGNES

The current government was programmed as a stabilizing buffer between two cabinets, according to Bulgarian Prime Minister Plamen Oresharski.

In a Monday interview for mass circulation daily 24 Hours, Oresharski argued that the socialist-led government would be remembered as an interim government working in the conditions of unprecedented parliamentary and extra-parliamentary opposition pressure.

He claimed that the implementation of a large part of the government's program during its one year in office was quite an achievement against this backdrop.

On the topic of financial stability, Oresharski claimed that "financial stability protects the poor citizens, and not the rich, despite the efforts to convince us of the opposite."

Asked whether he was leaving the state in a state of bankruptcy, he emphasized that none of the important macroeconomic and fiscal indicators had deteriorated from mid-2013.

As regards the planned debt issue, Oresharski reminded that it would be used to settle old debt from 2002.

Bulgaria's Prime Minister said that the fiscal position had deteriorated by BGN 8 B during the past four years, including by spending BGN 4 B from the fiscal reserve and running up new debts of over BGN 4 B.

He commented on the decision of the Bulgarian National Bank (BNB) to place under conservationship Commercial Corporate Bank (KTB) as a "loud corporate clash", adding that he saw no reason for the destabilization of other banks.

Oresharski noted that the business environment was improving tangibly after the acceleration of VAT recovery to companies.

As regards the EU funds freeze experienced by Bulgaria, Oresharski said that the previous government was to blame for the penalty.

"Apart from that, everybody makes mistakes. Ministers are least to blame because they do not manage EU funds directly," he declared.

He drew attention to the fact that 30.5% of the planned annual receipts had been collected in the first four months of 2014.

"This is not the result I wanted to see but it is the best result for the past 5 years," Oresharski stated, stressing that there had been no sign indicating that the budget would not be implemented by end-May.

He cautioned, however, that the newly created situation of political instability made things much more complex, stressing that parliamentary elections always created new doubts, especially as regards the revenue part of the budget.

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Tags: Bulgarian Prime Minister Plamen Oresharski, Bulgarian government, Socialist-led government, caretaker government, Corporate Commercial Bank, Bulgarian National Bank, South Stream gas pipeline project


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