Bulgaria opens an Account at the Fed to receive Returns on the Money paid for the F-16

Defense | October 20, 2022, Thursday // 14:00|  views


Defense Minister Dimitar Stoyanov: Opening an account at the Federal Reserve Bank of New York will ensure profitability from the 1.2 billion dollars paid in advance for the F-16 project

"The Council of Ministers decided today to create a fundraising account for the F-16 project. This will allow the funds not used at the end of the year to remain in the Ministry of Defense. They will be separated from the funds allocated from the state budget." This was announced by the Bulgarian Minister of Defense Dimitar Stoyanov. "This was one of the commitments I made when I took office," recalled Minister Stoyanov. He emphasized that the disclosure of such an account is extremely important, since at the end of the year there are funds that are returned to the state budget.

The second major cabinet decision for the Department of Defense was to open an account at the Federal Reserve Bank of New York. The goal is to ensure profitability from the 1.2 billion dollars paid in advance under the contract for the F-16 fighter jets from 2019. Minister Stoyanov explained that there are drafts of two similar decisions from 2021 and 2022, which due to the termination of the activity of the National Assemblies, have remained without consequences. As a result, Bulgaria has lost more than 10 million dollars, announced Minister Stoyanov. "These are significant funds for the Ministry of Defense and give a breath of fresh air in terms of modernization," emphasized Minister Stoyanov. The decision of the Court of Justice is to disclose the account under an international treaty, which must also be ratified by the National Assembly.

In connection with the decision to strengthen the protection of our airspace by the Air Force of Bulgaria, together with the forces and means of the Kingdom of Spain, Minister Stoyanov emphasized that this is another mission of intensified Air Policing, such as have been carried out since 2016. "It's a joint carrying of our airspace security duty, it's not just carried by the Spanish Air Force. We have practiced it another time, it was done with Spain and Italy, for example," the Minister of Defense recalled. He announced that the mission will take place from November 1 to December 23, with the Spanish Air Force participating in it with up to 8 Eurofighter aircraft.

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Tags: defense, Fed, F-16, Stoyanov


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