Due to Good Economic Results, the EU will reduce the Recovery Plan for Bulgaria by a Billion EUR

World » EU | July 5, 2022, Tuesday // 14:49
Bulgaria: Due to Good Economic Results, the EU will reduce the Recovery Plan for Bulgaria by a Billion EUR

Both this government and the caretaker government have literally failed the Recovery Plan. Billions are lost due to incompetence and irresponsibility.”

This is what GERB leader Boyko Borissov commented today at a press conference at the party's headquarters on the occasion of the news that the financing of the Bulgarian Recovery and Sustainability Plan will be reduced by 578 million euros (1.13 billion BGN). Thus, instead of EUR 6.27 billion, Bulgaria will have EUR 5.69 billion to recover from the impact of the COVID-19 pandemic on the Bulgarian economy through reforms and the implementation of projects until 2026.

In fact, the reason for updating the plan is that our economy was developing better than expected and our country needed less grant support. This is clear from data on economic growth, published by the European Commission a few days ago and quoted by "Dnevnik".

The adjustment of all countries' plans is laid down in the regulation for the EU recovery program NextGenerationEU. It was adopted before the real economic impact of the pandemic was clear, so the rules provided for an update on aid.

A spokesman for the European Commission said that in order not to abandon projects already included in the recovery plan, Sofia can fill the gap with its own funds or ask for the borrowed part of the recovery plan, which has not been requested so far.

Bulgaria has the right to a loan of up to 4.5 billion euros under the Plan.

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