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10 State Enterprises to Inject Extra BGN 88 M into Bulgaria's Budget

Business » FINANCE | December 14, 2013, Saturday // 16:15| Views: 1263 | Comments: 2
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Bulgaria: 10 State Enterprises to Inject Extra BGN 88 M into Bulgaria's Budget Photo by

Bulgaria's government issued a decree requiring state-owned enterprises and single-person companies with state participation in the capital to inject extra money into the budget.

The companies include State Enterprise "Air Traffic Services Authority" (BULATSA), State Enterprise "Port Infrastructure", South-central State Enterprise – Smolyan, South-western State Enterprise – Gabrovo, Sofia Airport EAD, Port Burgas EAD, Port Varna EAD, Terem EAD, and Domestic Diplomatic Properties Agency EOOD.

According to a statement of the government's press office, the analyses of their financial situation by September 30, 2013 showed that their condition was stable and they had achieved positive results, regardless of the deteriorated economic environment and the increased economic uncertainty in the country, thanks to the pro-cyclical fiscal policy they had implemented during the past few years.

The projected receipts from the allocation of additional resources from these companies (at the expense of accumulated reserves) amount to BGN 88 M.

The companies will have a sufficient amount of cash after the transfer of the amount provided for by the decree of the Council of Ministers into the state budget for 2013, their normal operation mode will not be disrupted, including their investment policy.

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» To the forumComments (2)
Chushki - 15 Dec 2013 // 09:49:21

BGN 88 million stolen from state owned enterprises with the lowest investment in Europe. Still, its important to ensure that Siderov can maintain his lavish lifestyle staying in €2,500 per night Paris suites, Mestan can afford to put gas in his €100,000 car, Stalinishev can continue his transformation into the fattest hamster in Bulgaria through dining at the most lavish restaurants money can buy, all whilst the rest of Bulgaria starves.

Tania Oz - 14 Dec 2013 // 20:45:04

Money, money, money! And some people are delusional in thinking that only "capitalists" are overtly GREEDY.

The fine print in the "Government Decree" reads that if you don't do as they say, you will go straight to the Gulag.

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