Municipalities in Bulgaria will be granted additional BGN 100M in 2015, Minister of Finance Petar Chobanov announced, Monday.

Minister Chobanov and Bulgarian Development Bank CEO Dimo Spasov have met with representatives of the business and have introduced credit opportunities for the SMEs in the city of Veliko Tarnovo, Standart news reports.

Funds will be allocated to the countervailable subsidy, which includes the maintenance of municipal administrations, and capital costs. Some of the money will go for road repair works, as well. A total of BGN 20M of the sum would come from the municipalities' own revenues, and the remaining BGN 80M will be granted by the state budget.

Minister Chobanov pointed out that there is no new pension reform program in the Financial Ministry. The measures have been discussed in regards to the recommendations of the European Commission to raise the retirement age. The exact parameters of the pension reform will be clear by mid-2014 at the earliest.

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