Bulgaria's State Debt Projected to Rise Significantly Through 2028
The Bulgarian Ministry of Finance has projected a significant increase in the state debt over the period from 2025 to 2028, estimating a rise of about 1.7 times
The Alternative for Bulgarian Revival (ABV) is demanding Finance Minister Vladislav Goranov's resignation, the party's deputy chair Rumen Petkov has said.
Petkov told private TV station NOVA that the reason has been the uncertainty around BGN 16 B of new debt which Goranov is convinced Bulgaria will need in the course of the next three years to finance its deficits and payments of foreign debt.
Parliament overwhelmingly approved the move on Wednesday, and ABV also voted yes, prompting its leader President (2002-2011) Georgi Parvanov to announce he would resign.
But Petkov said on Thursday the party could not accept his resignation.
He also told NOVA TV on Saturday that a "promise" of Goranov, under which the cabinet would seek a BGN 2 B reduction of the debt if Parliament ratifies it, has not been included in the final version of the ratification.
A number of parties in Parliament that had fervently opposed the deal changed their stance after the minister made his promise. ABV, which has a minister in the government, was among them.
On Thursday Parvanov said they had approved the deal "due to a lack of communication", since he had been and still was firmly against it.
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The Bulgarian National Bank (BNB) has adopted a new regulation outlining the framework for providing emergency liquidity support to solvent banks once Bulgaria joins the Eurozone
Several banks in Bulgaria have recently announced changes to their fees
Petar Ganev, a senior researcher at the Institute for Market Economics, stated in an interview with Bulgarian National Radio that it is highly likely Bulgarians will begin making payments in euros starting from January 1 next year
Bulgarian businesses are facing significant financial losses due to delayed membership in the eurozone and Schengen area, missing out on billions in export potential
Bulgaria is currently meeting the Maastricht criteria required for eurozone membership, with its macroeconomic indicators indicating a stable path toward adopting the euro
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