The social and economic situation in Bulgaria has reached a low never seen in recent history, commented Bulgaria's PM Plamen Oresharski one week after assuming office.

Wednesday Bulgaria's new cabinet held their first formal sitting, after which key ministers held a press briefing.

"I have sufficient grounds to claim that situation in the country has never been worse," was Oresharski's dire diagnosis.

"I am not talking only about financial and economic figures, but also about problems in the public sector and people's despair," clarified the Buglarian PM.

As one of the possible illustrations to those claims, he singled out public hospitals, which according to him had the highest level of debts for the last 10 years.

Oresharski reaffirmed his commitment to come out with a detailed assessment of the situation in the country, backed by specific numbers.

He reiterated his bid to work for the restoration of the rule of law a proper functioning of Bulgaria's state institutions, and an improvement of the business climate in the country.

"If you ask me when people's incomes in Bulgaria will reach mid-European levels, my answer would be "In quite some time from now." But if the question is when we are going to feel the first signs of improvement, then the deadline is much shorter," was the PM's optimistic assessment.

In his statement, Oresharski also stressed that he will be making absolutely no increase of administration in the cabinet, including the number of advisers. Larger ministries will have 3 vice-ministers, while the rest only 2.

The Oresharski cabinet was elected by Bulgaria's 42nd Parliament after early elections were held May 12.

Wide street protests against stagnation in January and February brought down the center-right GERB cabinet of ex-PM Boyko Borisov just months before the end of its term in July.