Bulgaria: The Budget Committee accepted the Budget Extension

Finance | June 1, 2023, Thursday // 17:16|  views


The Budget Committee of the Parliament adopted a decision to extend the current Law on the State Budget. The decision is to be voted on in the plenary hall. It is expected that there will be a second reading of the project so that the deputies can submit their proposals.

The Ministry of Finance will have the right to access the so-called funds from the fiscal reserve and the silver fund.

The Minister of Finance assured that money from the State Fund to Guarantee the Pension System will not be touched, but will only have access to the single payment account, in which there is about BGN 2 billion. The aim is not to have to borrow to cover the deficit created in the budget due to the higher expenditure compared to the income.

"We currently have a deficit of BGN 1.2 billion, or 0.6 of GDP. And the deficit is always financed with loans so that taxes are not raised," explained Acting Finance Minister Rositsa Velkova.

Currently, the amount of the fiscal reserve is BGN 10.1 billion.

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Tags: budget, finance, deficit, reserve


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