Ministry of Finance: The Fiscal Reserve of Bulgaria is Decreasing

Business » FINANCE | May 12, 2023, Friday // 11:57
Bulgaria: Ministry of Finance: The Fiscal Reserve of Bulgaria is Decreasing Acting Minister of Finance Rositsa Velkova

"At the beginning of the year, the fiscal reserve was BGN 11.9 billion, of which BGN 10.8 billion was in BNB (Bulgarian National Bank) accounts. As of May 10, the fiscal reserve decreased to about BGN 10.3 billion, and in BNB accounts - to 9.6 billion". This was stated by the acting Minister of Finance Rositsa Velkova in the plenary hall.

She explained the decrease in the reserve mainly with pension costs, which are BGN 1.4 billion.

A decline in VAT revenues is also reported. As of April 30, they were BGN 4.9 billion, which is 143 million leva less than the same period in 2022.

"We have maximally strained the revenue part in the tax and social security revenue part. There are no reserves for achieving higher revenues, which we have calculated in the draft budget law 2023. If there is no change to the tax legislation, there are no reserves in the revenue part of the budget law," pointed out Rositsa Velkova.

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Tags: iscal reserve, velkova, budget

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