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Finance Minister Goranov has argued Bulgaria urgently needs the money to cover deficits at the Deposit Insurance Fund (DIF). Photo by BGNES
Lawmakers have given the thumbs up on a six-month bridge loan worth BGN 3 B (EUR 1.5 B).
The country has picked Citibank NA (London), HSBC Bank PLC, and local units of Societe Generale and UniCredit to provide the sum.
Under the agreement signed October 8, Bulgaria is granted a bridge loan of EUR 1.5 B to be paid off with government securities in 2015.
The deadline to pay off could be extended by six months.
MPs were divided over the loan, with government related parties (conservative GERB, right-wing Reformist Bloc, left-wing ABV and nationalist Patriotic Front) voting to approve, the main opposition party BSP and the third-largest force DPS abstaining.
The Movement for Rights and Freedoms (DPS) warned that Bulgaria has made a habit out taking on fresh debt.
The ruling axis however argues the money is needed mainly to cover deficits at the Deposit Insurance Fund (DIF).
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The Prime Minister of Bulgaria Boyko Borissov demanded the resignations of the Minister of Finance Vladislav Goranov, the Minister of Interior Mladen Marinov and the Minister of Economy Emil Karanikolov.
After consultations with the political forces in parliament, Finance Minister Vladislav Goranov stated that until its entry into the Eurozone Bulgaria will not change the exchange rate of the Bulgarian Lev which is now pegged to the Euro at EUR 1 to BGN 1
Bulgaria is expected to enter the euro zone waiting room by the end of April.
Bulgaria has reached the highest credit rating in the Balkans.
Finance Minister Vladislav Goranov has announced that Bulgaria may receive an invitation to the Euro Area waiting room by the end of April next year.
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The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
February witnessed a surge in remittances from Bulgarians residing abroad, reaching a remarkable EUR 110.5 million, marking the highest value since last July
Amidst financial fluctuations and strategic fiscal decisions, Bulgaria's Minister of Finance, Lyudmila Petkova, unveils the nation's robust fiscal reserve, standing tall at BGN 10.9 billion as of April 18th
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