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The draft for revision of the 2010 Bulgarian state budget has been officially tabled in Parliament.
The draft act for updating Bulgaria's 2010 state budget has been officially introduced in the Bulgarian National Assembly, stated Parliament speaker Tsetska Tsacheva.
The much-discussed budget revision aims to tackle the fiscal and economic crisis in the country. It comes in the wake of widening budget gaps despite continuous efforts to reduce state spending.
If adopted in Parliament, the act is going to effect the first budget update in Bulgaria since the 1996 crisis during the Socialist Party government of Zhan Videnov.
Among other things, the budget revision would allow the government to reach into Bulgaria's fiscal reserve, setting a minimum of BGN 4.5 B at the end of the year.
The draft bill targets a deficit of 4.8% of GDP on a cash basis and 3.9% of GDP under EU accounting rules, far wider than initial estimates.
This marks a notable change of course in the government's policy as in the early months of 2010 it insisted it would do its best to keep the deficit as low as possible, or at least under 3%, in order to meet the criteria for applying to join the euro zone waiting room, ERM II.
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