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Bulgaria Owes BGN 1B to Businesses - Industrial Assoc Deputy Chair

Business | August 7, 2014, Thursday // 13:24| Views: 979 | Comments: 0
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Bulgaria: Bulgaria Owes BGN 1B to Businesses - Industrial Assoc Deputy Chair Kamen Kolev, Deputy Chair of the Bulgarian Industrial Association (BIA), photo by BGNES

The state owes around BGN 1B to businesses due to the halted payments under EU programs, according to Kamen Kolev, Deputy Chair of the Bulgarian Industrial Association (BIA).

In a Thursday interview for the Focus radio, he said that the political uncertainty had started to take its toll on the business environment and the economy.

He specified that the EU funds freeze had affected a number of sectors, adding that construction was experiencing the greatest difficulties because a large number of projects were quite expensive.

Kolev reminded that Bulgaria had stopped receiving payments under the "Environment" Operational Program in November 2013 and that it had had its payments under the "Regional Development" Operational Program stopped a few months ago.

He said that the deadline for the absorption of EU funding expired in end-2015, meaning that it was essential to launch the implementation of EU-funded projects as soon as possible.

Kolev pointed out that the main expectations of BIA towards the caretaker government involved the restart of payments under EU operational programs and timely VAT recovery.

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Tags: Kamen Kolev, Bulgarian Industrial Association, BIA, EU funds freeze, Operational Program Regional Development, Operational Program Environment, programming period
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