Business, Trade Unions Reject Draft Budget UpdateFinance | October 1, 2014, Wednesday // 13:27| views
Both business and trade unions in Bulgaria want the draft budget update to be withdrawn, said the head of the Bulgarian Industrial Capital Vasil Velev, quoted by Darik radio.
Representing a common position, Velev defined the proposed update, which includes a deficit of 4% and a new state debt of BGN 4.5 B, as “radical”.
“The radical budget update, especially with those significant parameters, can be undertaken only by an elected government and functioning parliament,” Velev said, commenting after the meeting of the tripartite council among the employees, trade unions and government on Wednesday.
At the meeting caretaker Finance Minister Rumen Porozhanov said the budget deficit as of end of August was BGN 1.4 B and the fiscal reserve was BGN 8.2 B.
He told the meeting that the reserve will be used to cover the deficit, plus BGN 1.7 B payments on the state debt due in end of January and the BGN 800 M deficit in the National Insurance Institute.
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