The European Commission recommended Bulgaria to Reduce the Projected Budget Deficit

World » EU | May 25, 2023, Thursday // 08:46
Bulgaria: The European Commission recommended Bulgaria to Reduce the Projected Budget Deficit @Wikimedia Commons

The European Commission recommended to Bulgaria to end the energy support measures for businesses, to emphasize the real implementation of the Recovery Plan and to reduce the deficit in the draft budget proposed by the Cabinet.

This is stated in a document of the commission after it has made an in-depth assessment of 16 countries, noting that Bulgaria and 14 other countries do not meet the requirements for the deficit, reports "Capital".

The Commission also states that based on the implementation of the 2023 budgets, it will decide whether to initiate excessive deficit procedures in the spring of next year.

The European Commission indicates that the measures due to the expensive electricity will amount to 1% of the GDP, and the money saved in their elimination should be used to limit the budget deficit. Its size must be within 3% of GDP for Bulgaria to meet this criterion for accepting the euro. Its intentions for now are to do so from 2025.

The commission also recommends accelerating the implementation of energy efficiency measures in buildings and reducing dependence on fossil fuels.

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Tags: Commission, budget, Bulgaria, energy
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