FinMin Repays Municipalities' Funds Blocked in Corpbank

Business » FINANCE | December 15, 2014, Monday // 17:45
Bulgaria: FinMin Repays Municipalities' Funds Blocked in Corpbank Corporate Commercial Bank (KTB). Photo: BGNES/EPA

Bulgaria's Finance Ministry restored the remaining BGN 36.8 million due to 15 municipalities that had their accounts blocked in Corporate Commercial Bank (KTB).

In this way all funds, which amounted to a total value of BGN 76.1 million, due to the municipalities have been repaid in full, electronic daily Dnevnik reports.

The Finance Ministry reminded that BGN 39.3 million had been provided in September in the form of temporary interest-free loans from the central budget.

The second financial operation was completed on December 13.

The distribution of the funds into accounts will be carried out according to the budget of each municipality.

In this way the current payments pertaining to the activities of the municipalities will be resumed and the overdue payments on main social and infrastructure projects will be scaled down.

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Tags: Bulgaria, Finance Ministry, KTB, municipatlities, payments, accounts
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