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Bulgarian Finance Minister Djankov (right) with his deputies Pencheva (left) and Goranov (back) on their way to present the proposed Financial Stability Pact at the end of February. Photo by BGNES
The Bulgarian parliament will debate at first reading on Thursday constitutional amendments, proposed by Finance Minister Simeon Djankov, which will pave the way for the introduction of the so-called Financial Stability Pact.
Upon submitting the draft constitutional amendments to parliament at the end of May, Minister Djankov said he hoped the Pact could be adopted by the fall of 2011.
The three main pillars of Djankov's Financial Stability Pact to be solidified via constitutional amendments are introducing a limit to allowed budget deficit, restricting the ability of the state to redistribute public funds as a percentage of the GDP, and introducing a qualified majority vote of two-thirds of the votes in Parliament to change Bulgaria's direct taxes.
The plan envisages capping the budget deficit at 2% of GDP product and spending at 40% of GDP.
Djankov's Financial Stability Pact is expected to enter into force as of January 1, 2013, several months before the expiration of the four-year term of the Borisov Cabinet and before the regular parliamentary elections provided that the government serves its full term. This means that the Pact, if approved, will be in force for those ruling Bulgaria after the present Cabinet of Boyko Borisov.
Djankov believes that the proposed measures will "cement" Bulgaria as having one of the strictest fiscal policies in the European Union, and will be supported by both the rightist and the center-leftist opposition.
In order to amend the Bulgarian Constitution, the Borisov government will need to have the support of two-thirds of the MPs, or 160 MPs.
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