Bulgarian Rightists Warn about State Budget Failure

Business » FINANCE | March 27, 2012, Tuesday // 18:08

The Bulgarian government needs to update the state budget for 2012, warned rightist Union of Democratic Forces at a meeting in Plovdiv Tuesday.

State revenue for 2012 is bound to be some BGN 814 M lower than expected, raising the budget deficit to close to BGN 2 B, according to data availabe to the UDF.

This will breach values mandated by the Law on the State Budget for 2012, which sets a limit to budget deficit of 2% of GDP, warned the rightists.

"Bulgaria's economy is heading for the edge of the cliff," the Union of Democratic Forces said in a statement adopted after the meeting.

"The ruling GERB party need to stop entertaining Bulgarian citizens with their internal problems caused by their cadre inadequacy, and get some serious work done," added the declaration.

The rightists pinpointed Bulgarian Minister of Finance Simeon Djankov as the one most directly responsible for taking urgent measures to mend the grave situation.

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Tags: UDF, GERB, Union of Democratic Forces, budget deficit, state budget, revenue, Simeon Djankov, economy
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