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Borisov, speaking after meeting with Central Bank Governor Ivan Iskrov, categorically stated that the fiscal reserve will not be touched. Photo by Sofia Photo Agency
The Bulgarian government has given up on the idea of depositing part of the fiscal reserve into commercial banks to increase budget revenues, PM Boyko Borisov stated Wednesday.
Borisov, speaking after meeting with Central Bank Governor Ivan Iskrov, categorically stated that the fiscal reserve will not be touched.
Borisov concluded that “if we continue to see the hole in the budget” for activities such as snow clearing the law and the Central Bank will allow the hole to be temporarily filled using the fiscal reserve. He added however that the government will do everything possible to balance the budget until July 2010.
Borisov had suggested Tuesday that the commercial banks where part of the State fiscal reserve would eventually be deposited will be selected through open competition.
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