Bulgaria’s Caretaker Govt Approves Draft Update of Budget 2014

Business » FINANCE | October 1, 2014, Wednesday // 21:04
Bulgaria: Bulgaria’s Caretaker Govt Approves Draft Update of Budget 2014 Photo by BGNES

Bulgaria’s caretaker government has approved a draft budget update.

The proposal for the update of Budget 2014 was discussed with representatives of employer organizations and trade unions Wednesday morning but they refused to back the measure, according to reports of the Bulgarian National Radio.

The resources are to cover the shortage of funds to pay salaries at the Interior Ministry and the deficit in the spheres of social benefits, emergency medical services, and psychiatric hospitals.

The budget deficit is to reach 4% of GDP on a cash basis, taking into account the impact of measures aimed at boosting revenue collection.

New government debt of up to BGN 4.5 B is to provide a reliable buffer.

Part of the money will go to a loan of up to BGN 700 M to the Bulgarian Deposit Insurance Fund (BDIF).

The amount of the government debt is to increase from the current forecast of BGN 22.5 B to BGN 28.4 B.

Caretaker Finance Minister Rumen Porozhanov commented that the budget update was necessary despite the fact that Bulgaria’s next Parliament could decide to revise it.

Bulgaria’s caretaker government also approved a BGN 100 M update of the budget of the National Health Insurance Fund (NHIF).

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Tags: budget update, State budget 2014, caretaker government, National Health Insurance Fund, Rumen Porozhanov
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