Finance Minister to Ride Bike to Save Bulgaria from VAT Hike
Bulgaria's Finance Minister Simeon Djankov declared his readiness to ride a bicycle to work as part of the government's newly adopted austerity measures.
Bulgaria Govt Anti-Crisis Measures Go Online
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A beggar man counts his coins in front of a cash machine in Sofia, Bulgaria. The country entered recession this year but has so far managed to make do without foreign aid. Photo by EPA/BGNES
Bulgaria's finance ministry has published on its web-site the list of over 80 anti-crisis measures that the government approved to be implemented by May next year to fight the crisis and maintain financial stability.
A crackdown on corruption in European funds absorption, speed-up in the process for joining the euro exchange-rate mechanism and quick VAT refund feature among the main points of the package.
Bulgaria's new centre-right government plans to cut its bloated administration by 15% next year as part of efforts to reduce spending.
The cabinet has already cut spending by 15% and is taking measures to crack down on smuggling and tax evasion to avoid a budget deficit and pressure on Bulgaria's currency peg to the euro.
The government also assigns great priority to the equal development of all regions in Bulgaria and aims to wipe out the huge differences in living standards and opportunities for doing business.
The government plans to keep the current tax rates unchanged and cut social security payments by 2% from current 31,6%.
Bulgaria entered recession this year but has so far managed to make do without foreign aid.
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