Financial Results Continue to Improve Reports Caretaker Cabinet

Politics | July 31, 2021, Saturday // 23:58
Bulgaria: Financial Results Continue to Improve Reports Caretaker Cabinet

The budget balance under the Consolidated Fiscal Program (CFP) as of July 2021 is expected to be positive in the amount of about BGN 731 million, the Ministry of Finance announced.

The significant improvement for July is due to the continuing improvement in the revenue side, as well as to the transaction on the reimbursement of funds from the state budget from the foreign funds account of the Ministry of Regional Development, which is essentially a reimbursed expenditure.

As of July 2021, the revenues, grants and donations under the CFP are expected to amount to BGN 29,265.1 million, or 61.5% of the annual estimate. The growth on an annual basis is almost BGN 4 billion.

Tax and non-tax revenues increased by BGN 4.3 billion, while aid revenues shrank by BGN 0.3 billion.

Expenditures under the consolidated fiscal program (including Bulgaria's contribution to the EU budget) as of July this year are expected to reach BGN 28,534.1 million, which is 54.4% of the annual estimate.

The largest growth is reported in social and health insurance expenditures.

In the part of pension expenditures, almost BGN 740 million were spent on supplements of BGN 50 to the pensions for the period from January to July.

Payments under the "60/40" measure, the "80/20" measure, the "Save Me" measure and the working capital support measure for small and medium-sized enterprises affected by temporary anti-epidemic measures also contribute to the growth of subsidy costs for non-financial corporations.

The part of the contribution of the Republic of Bulgaria to the EU budget, paid as of July 2021 from the national budget, amounts to BGN 863.5 million, which is in compliance with the current legislation in the field of EU own resources.

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Tags: budget, fiscal
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