Bulgaria’s Caretaker Govt Suspends Investment Program of Socialist-Led Cabinet

Domestic | September 17, 2014, Wednesday // 16:41|  views

Bulgaria's Council of Ministers building, photo by BGNES

Bulgaria’s caretaker government has suspended funding for projects and programs under the government's public investment program "Growth and Sustainable Development” for which no contract was signed by September 17, 2014, including.

The funding of projects which are being implemented will be extended by the end of 2014, according to the government’s press office.

Caretaker Finance Minister Rumen Porozhanov claimed that the measure was to result in savings of BGN 135-140 M, according to reports of dnevnik.bg.

The previous socialist-led government of Prime Minister Plamen Oresharski had earmarked a total of BGN 499.345 M under the public investment program for the implementation of projects and programs of regional and national importance.

Within a short period of time, the authorities approved the allocation of nearly BGN 289 M to 173 municipalities for 368 projects, as well as a sum of slightly over BGN 210 M to Bulgarian ministries.

The funds were to be absorbed an accounted for by June 10, 2014.

By June 10, 2014, the Interministry Council was to receive information about the results of the completed public procurement procedures and the contracts signed with the contractors.

However, the authorizing officers failed to observe the deadline and conducted public procurement procedures after June 10, 2014, according to the press office of the caretaker government.

Only 69 municipal projects worth BGN 35 M have been completed so far, with an overall absorption rate of BGN 99 M, while ministries and government departments have signed contracts worth a total of BGN 95.5 M.

Porozhanov, as cited by the Bulgarian National Radio, explained that the completed projects were worth BGN 14.5M and mainly involved road infrastructure.

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Tags: Socialist-led government, Bulgarian government, Council of Ministers, investment

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