KEYWORDS TODAY:   UKRAINEKTBGASFDIPOWER PRICE

Bulgaria's Parliament OKs Issuance of Debt worth BGN 3 B

Business » FINANCE | June 6, 2014, Friday // 12:32| Views: 1500 | Comments: 1
  • Send to Kindle
Bulgaria: Bulgaria's Parliament OKs Issuance of Debt worth BGN 3 B Photo by BGNES

The Bulgarian Parliament has approved the issuance of debt worth EUR 1 493 000.

This was made possible through the adoption of a contract between Bulgaria and Citigroup Global Markets Limited, HSBC Bank PLC and JP Morgan Securities PLC, according to reports of Sega daily.

The contract defines the relations between the state and the banks related to the issuance of bonds.

The issuance of debt was backed by 108 votes, with 38 votes against and 4 abstentions at the second reading in Parliament on Friday.

The money raised from the bonds are earmarked for covering the maturity in early 2015 of the global bonds of the state worth USD 1086 B and covering the planned budget deficit of BGN 1.4 B

The decision on the issuance of debt worth around BGN 3 B was put to the vote by the parliamentary budget committee on Thursday.

The issuance of new debt was approved by the Bulgarian Parliament at the adoption of the 2014 state budget in end-2013.

"External debt assumption is a normal operation which is used by all countries. Bulgaria's public debt for 2013 amounts to18.6% of the GDP against the backdrop of an average of 90.6% for the Eurozone" said Petar Kanev, socialist MP and Deputy Chair of the parliamentary budget committee, in a Wednesday statement.

In 2014, Bulgaria can take on BGN 3.9 billion worth of new external debt, as the 2014 state budget stipulates.

Finance » Be a reporter: Write and send your article
Tags: external debt, public debt, parliamentary budget committee, Bulgarian Parliament, Bulgarian government
Expats.bg All Are Welcome! Join Now!

Leave a comment


» To the forumComments (1)
#1
Joe Daune - 8 Jun 2014 // 17:02:25

. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options and we also discount/monetize BG's.We offer fresh cut bank instrument for lease/sale, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and other
Mr. Duane
email:
Joeduane@consultant.com

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria