Debt of 12 Bulgarian Municipalities Increases by 500%

According to data of the Bulgarian National Audit Office, 56 municipalities face financial difficulties due to large installments for the repayment of their debt, small revenues and weak control.
The amount of municipal debt has increased by 50% in 43 municipalities. There are 12 municipalities where debt has increased by 500%. These include Kameno, Karnobat, Suvorovo, Asenovgrad, Rodopi, Sopot and Dve mogili.
The National Audit Office noted that, with respect to most municipalities, the ratio between own revenues and debt installments is unbalanced.
Last year, the Finance Ministry approved legal changes in order to help municipalities achieve financial rehabilitation. Despite the fact that there is an option for interest-free credits to be granted by the state, not a single municipal financial rehabilitation plan has been approved so far.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » January 1, 2025 - Bulgaria’s New Target Date for Entry into the Eurozone
- » Bulgaria is 43rd in the World in terms of Economic Freedom
- » Bulgaria expects Annual Inflation of around 8%
- » The EC representation in Bulgaria is launching an Information Campaign for the Adoption of the Euro
- » Visiting a Bank Office in Bulgaria is getting More and More Expensive
- » Bulgaria: "Standard & Poor's" confirmed the Credit Rating of Sofia