Bulgaria Parliament Approves Cabinet Budget Surplus Proposal

Politics | October 10, 2008, Friday // 00:00
Bulgaria Parliament Approves Cabinet Budget Surplus Proposal: Bulgaria Parliament Approves Cabinet Budget Surplus Proposal The Bulgarian Parliament approved Friday the project proposal of the Cabinet for the use of the 2008 State budget surplus. Photo by Yuliana Nikolova (Sofia Photo Agency)

The Bulgarian Parliament approved Friday the project proposal of the Cabinet for the use of the 2008 State budget surplus.

The Opposition voted against the proposal stating that they qualify it as useless as their motifs.

The proposal provides that over BGN 1,2 B are going to be spent on social activities.

Earlier, before the submittal of the proposal, the Bulgarian Prime Minister Sergey Stanishev admitted that the economic growth in the country could slow down if the stagnation in other countries, members of the European Union (EU) would continue due to the global financial crisis.

"Our cautious policy, guaranteeing financial stability, is motivated by the uncertain international environment," said the PM, reassuring Bulgarian citizens once again that the Bulgarian bank system is stable and the personal deposits are secure. Stanishev further reminded about the Thursday Cabinet decision to guarantee deposits up to BGN 100,000.

According to Stanishev the BGN 1,2 B from the budget surplus are going to be divided in two main packages - social package and investment package. Over BGN 90 M are going to be used to increase retirement pensions and an additional BGN 338 M will be spent on Christmas bonuses for the Bulgarian retirees. The single bonus amount of up to BGN 150 was defined by the Premier as unprecedented and high.

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