Bulgarian Financial Minister: State Fiscal Reserve Is just over BGN 2 Bln

Business | May 30, 2021, Sunday // 23:46
Bulgaria: Bulgarian Financial Minister: State Fiscal Reserve Is just over BGN 2 Bln

The state budget has about 8 billion BGN fiscal reserve, but 6 of them cannot be touched - they are in the Silver Fund, for the reactors of NPP Kozloduy ", explained to Btv the Minister of Finance Asen Vasilev.

"In my opinion, there will be no problem to stay within the deficit limits , which are fixed in the law." he added.

"This does not mean that the budget should not be updated. We expect to significantly raise revenues in the treasury by the end of the year," Vasilev continued.

"The need for a budget update comes from the fact that, as the expenditures' part has been prepared until March (before elections), the expenses for pensions and anti-pandemic measures have been set for this period only.

For April and May, they were not set, but were actually made. Money is being withdrawn from the other places like from the budgets of different ministries including Ministry of Finance.

"Each ministry gave 0.8% of its budget to have money for pensioners", he explained.

Vasilev declared that according to his information there are 13,000 companies with cash stock of over 100 thousand each, or total of 4 billion BGN. He gave the example of a company dealing with excavation activities with 32 million reported in cash left in the  office safe.

Minister did not rule out the option of using these cash stocks to buy votes.

"From Monday, the NRA will start inspections, it is very worrying that systemic leaks are seen at all levels. Either the rules are made like that, or the instructions were such that the state only imitated controlling activities." said Vasilev.

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Tags: cash, fiscal reserve, budget
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