Bulgaria Future Finance Minister Plans BGN 2 B Budget Optimization

Bulgaria's future Finance Minister, Simeon Djankov, plans to optimize the 2009 budget by cutting BGN 2 B of expenses, in order to avoid huge deficit.

Djankov announced his plans Sunday in an interview for Nova TV.

BGN 1 B will be saved from stopping huge investment projects, and the other BGN 1 B will come from administration reduction, the future Financial Minister said.

In connection with the investment projects, Djankov expressed the new government's readiness to completely shut down the construction of the Belene nuclear power plant.

"I do not see economical grounding of this project. Even if we find private investors Belene NPP will not be a profitable one", he said.

Djankov also said that new government will discuss and may shut down the Burgas-Alexandroupolis gas pipeline project in necessary.

"In a time of crisis are done things, that otherwise will not be done. In fact, we do not have the financial resources needed to complete these projects", he explained.

He added that if someone tried to put pressure on him, he would rely on the Prime Minister, Boyko Borisov, calling him "his shield".

In Djankov's words, more than BGN 800 M is lost in the Bulgarian customs. This can be avoided by merging the National Revenue Agency and the Customs Agency. In this way another BGN 150 - 200 M will be saved, but such a move will take 2-3 months to be completed.

Talking about infrastructural projects, Djankov made it cleat that only BGN 190 M of the overall BGN 880 M spent on them had been given for actual construction. The rest of the money went for consulting services.

"I know everybody in the World Bank, and all economic teams, including Obama's, these that work for Germany and the ant crisis teams in the International Monetary Fund, and the Central European Bank, and they are all ready to help me", he further said.

Djankov intends to choose his deputies and his workers on the principle of expertise and their abilities to take quick and correct decision.

There will be two deputies and all of the former deputy ministers will be changes. In his words, he have been meeting with 20 experts in the last two months, and some of them will enter the executive power.

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