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Bulgaria's MPs Approve Budget 2014 Framework, Hope to Boost Growth

Business » FINANCE | December 5, 2013, Thursday // 13:33| Views: 1103 | Comments: 0
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Bulgaria: Bulgaria's MPs Approve Budget 2014 Framework, Hope to Boost Growth

Bulgarian parliament adopted the general framework for state budget 2014 on Thursday, claiming it will fuel economic growth. 

The distribution of BGN 790 M for economic growth, as well as the disputable 20% RES tax were also approved by the members of parliament.

The 2014 forecast is for a 1.8% economic growth, however the opposition considers it overrated. The forecast of the IMF and the European Commission was lower than that of PM Plamen Oresharski's administration.

The budget framework was voted by 185 MPs. Of these, 106 supported it, 66 voted against and 13 abstained.

A total of BGN 19.262 B will be spent on income, grants and donations. The stipulated expenses amount to BGN 19.899 B. Budget transfers come up to BGN 9.794 B net worth.

The contribution to the EU budget for next year will be BGN 904.6 M.

The provision for economic growth and state organization amounts to BGN 790 M and willl be spent by the decision of the Council of Ministers.

The new Growth and Sustainable Development of Regions Public Investment Program will receive the largest amount of funding – BGN 500 M.

The structural measures and educational development programs will receive up to BGN 100 M. Those include BGN 22 M raising of the state university subsidy. It will be calculated based on a complex assessment of the quality of education and will be bound to the labor market demands.

Innovation development programs will be funded with some BGN 20 M. Another BGN 20 M will be channeled into the Armed Forces' combat trainings.

A total of BGN 150 M is stipulated in the state budget 2014 for investments and programs in the energetics. The fundings will come from the new 20% tax for the solar power and wind energy producers.

The Parliament approved the tax with the support of 116 MPs. 38 MPs voted against and 28 abstained.

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