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HOT: » Bulgaria's President is holding political consultations with party leaders after GERB's decision to withdraw its support from the 2014 budget update

Parliament Committee Rejects Most Gov't Budget Proposals

Politics » DOMESTIC | July 17, 2014, Thursday // 11:51| Views: 919 | Comments: 0
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Bulgaria: Parliament Committee Rejects Most Gov't Budget Proposals Finance Minister Petar Chobanov has warned that additional grants to Bulgaria's healthcare system will require a budget overhaul. Photo by BGNES

The Budget and Finance Committee at Bulgaria's Parliament has refused to back a proposal made by the government to update the 2014 budget by BGN 3.4 B.

At a Thursday meeting members of the Committee announced they supported only plans to boost healthcare expenditure by allocating BGN 225 M to the National Health Insurance Fund (NZOK), which is facing a shortage of money and will be able to make payments only until September under the current budget framework.

Lawmakers from the Committee also agreed that the cap of Bulgaria's debt should be raised by BGN 1.7 B.

Earlier, the main ruling party BSP also rejected many of the proposed amendments to the State Budget of the Republic of Bulgaria Act, but added they stood behind the idea to set aside BGN 1.7 B worth of financing to protect customers' assets at the Corporate Commercial Bank (KTB).

The party's Committee representatives later added the NZOK should also receive additional money.

On Wednesday the government announced plans for a budget overhaul which included the increasing of Bulgaria's budget deficit limit.

Ministers believe it should be set at three percent, or just at the European-level limit.

They argue the budget update is vital to compensate for the emergency funds to tackle the aftermath of the KTB crisis and also for the expected failure to fulfill the 2014 income statement.

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Tags: KTB, Corporate Commercial Bank, healthcare, NZOK, BSP, budget, parliament, Budget and Finance Committee, State Budget of the Republic of Bulgaria Act
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