Bulgarian Council of Ministers Reports on Support Measures for Business

Business | December 3, 2020, Thursday // 12:24
Bulgaria: Bulgarian Council of Ministers Reports on Support Measures for Business wiki

We have made a lot of effort and to our delight the colleagues from the European Banking Authority, allowed the Bulgarian business to use this moratorium and postpone the payment of interest or principal on loans in the coming months of the pandemic. This was stated by Prime Minister Boyko Borissov during a working meeting at the Council of Ministers with members of the government. Economy Minister Lachezar Borisov confirmed that this is an important and expected measure for business support.

"Last time, the business rescheduled over € 9 billion in loans,“ he said. “I believe this is one of the strongest economic measures. I thank my BNB colleagues who were in contact with the European Banking Authority and came to this decision. At the moment we expect guiding lines from the Association of Commercial Banks to be submitted to the BNB for approval", said the Minister of Economy.

Minister of Finance Kiril Ananiev pointed out that the confidence of the world and European financial institutions with regard to Bulgaria is growing. "Several things have happened this year, which we are honored and proud to have achieved," Ananiev noted.

He was adamant that our country was implementing quickly all the measures made as a commitment so that convergence could take place more quickly and let Bulgaria enter the Euro area.

Minister Ananiev also pointed out that Bulgaria is making the best debt issue for this year.

"Bulgaria borrowed 2,5 billion at the lowest levels of debt servicing and this was recognized by all international financial institutions. Besides entering ERM II, you know that we have become a member of the Banking Union – this is also a great recognition for Bulgaria. And, last but not least, we participate regularly in the Eurogroup meetings. Our opinion is heard by the Member States of the Euro area - at every meeting of the Eurogroup Minister of Finance of the Republic of Bulgaria is present", Ananiev also said.  

During the working meeting, The Minister of Economy Lachezar Borisov also reported on the progress regarding the liquidity measure for the affected sectors and the anti-epidemic measures implemented with the help of the National Revenue Agency.

"The measure is implemented extremely fast, it is applied within a week and in a short time the funds must reach the business", added Minister Borisov.

For his part, Deputy Prime Minister Tomislav Donchev reminded that this type of support is provided with European funds and added that it will be implemented through the Information system for management and monitoring of EU funds, with the aim of making the procedure as simple as possible and let the support reach the companies affected by restrictive measures quickly. The Deputy Prime Minister reminded that the European Social Fund also provides support for the employed.

From the beginning of next year, other active support measures will be implemented. This is not a reason for us to abandon our core priorities, we will continue with investment measures that help companies improve their basic facilities, machine equipment. From the beginning of next year, measures will be introduced to support innovation and cutting-edge research", deputy prime minister Tomislav Donchev said.

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Tags: Bulgaria, Council of Minister, cabinet meeting, ministers' reports
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