Exiting Bulgarian FinMin: State Budget Is in Great Shape

Bulgaria's budget balance is better than at the start of term of the exiting GERB cabinet, said Monday outgoing Vice-PM and Minister of Finance Simeon Djankov.

"Today the state budget has a net value better than what we found back in 2009," stated Djankov.

"We found a fiscal reserve worth BGN 7.7 B, but also dues worth BGN 4.3 B. If you subtract the numbers, you'll see that the reserve was lower than it is now," said the FinMin.

Bulgaria's fiscal reserve is estimated to currently amount to BGN 4.1 B.

Simeon Djankov filed his resignation to Bulgaria's PM Boyko Borisov on February 18 after strong popular protests over economic stagnation in the country.

Two days after, Borisov made a surprise move, filing the resignation of his cabinet in front of Parliament.

Monday Djankov expressed worries that some oligarchy agents in Bulgaria might try to dismantle the functioning currency board in order to devalue their debts.

According to the Finance Minister, such a scenario has already happened in Bulgaria during the local 1996-7 financial crisis.

The outgoing minister however said that this development is currently not very probable.

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