Bulgaria Achieves 3% Budget Deficit, Ready for Eurozone Integration
Bulgaria has fulfilled the final requirement for joining the eurozone by meeting the budget deficit criterion
Bulgarian Finance Minister Reports State Budget Deficit Drop in November
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Finance Minister Asen Vassilev announced a significant decline in the state budget deficit for November, reaching a mere 0.6%. This marks a milestone in over two decades, with revenue from taxes surpassing expenditures—a first in this time frame.
According to Vassilev, this achievement positions them comfortably within the 3% deficit requirement. He attributed this success to effective tax collection measures, indicating a noteworthy surge in collection rates. The minister expressed confidence in surpassing the budget with a deficit lower than the targeted rate.
"We've witnessed the fruits of tax collection strategies. The increased collection rates have been remarkable, allowing us to set a stable base for next year's budget," stated Vassilev, highlighting ongoing reviews in tax laws as part of the process. The discussions in the meeting primarily centered around extending support for the 2024 State Budget Bill.
This positive fiscal development reflects a stronger financial outlook and a promising trajectory for Bulgaria's economic stability and growth.
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