Bulgaria’s Economic Growth Outpaces Expectations, Inflation to Determine Eurozone Path
In the fourth quarter of 2024, Bulgaria's economy showed a stronger performance than anticipated
Boyko Borissov, leader of the GERB party, dismissed the criticism from the "We Continue the Change-Democratic Bulgaria" (WCC-DB) coalition regarding the government's approach to the Eurozone. Borissov emphasized that the legislative program and appointments of deputy ministers and regional governors would only be made after the national budget is passed. He reflected on GERB's role in bringing Bulgaria into the European Banking Union four years ago, describing it as the "whitest organization" and the "waiting room" for the Eurozone. According to Borissov, the obstruction came from Asen Vassilev and the WCC-DB coalition, who, despite having four years, failed to push for Bulgaria's entry into the Eurozone, contributing to the country's economic challenges, including inflation and rising debt.
He further expressed that if Vassilev and others knew it was an easy task, they would have joined the government instead of critiquing from the outside. Despite the challenges, Borissov reiterated the government’s aim to limit the budget deficit to 3%. However, he acknowledged that the current governance structure is "fragile and unstable," yet remains the only feasible option.
Borissov also addressed the concerns over the return of former Prime Minister Dimitar Glavchev to the Court of Auditors, stating that there was no issue with his reappointment. He pointed out that in a country as "stressed" as Bulgaria, any changes to social payments would be disastrous for the government, especially given the past claims that the country was working more, earning more, and thus able to increase pensions and salaries. He said that despite the situation, the government was forced to continue the existing policies.
On the upcoming vote of no confidence, Borissov expressed anticipation for the challenge posed by the WCC-DB. The coalition has been pressing for Bulgaria to request a convergence report on joining the Eurozone. Borissov responded, stating that if Vassilev and Kiril Petkov truly understood how to manage the situation, they would have joined the government. Regarding the government's upcoming priorities, Borissov mentioned that filling the "18 billion leva hole" in the budget is crucial. Additionally, he reaffirmed his commitment to maintaining the 9% VAT rate for restaurateurs.
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Lieutenant General Charles Costanza, the Commanding General of the U.S. Army’s V Corps, visited Bulgaria from March 13-15
Delyan Peevski, leader of the "DPS – New Beginning" party, declared his commitment to "safeguarding Bulgaria from forces aiming to undermine the country"
The Bulgarian Constitutional Court has confirmed suspicions of electoral fraud benefiting "DPS - New Beginning," led by Delyan Peevski
The Bulgarian Constitutional Court has declared the election of 16 members of parliament invalid following a review of the election process
Bulgarian President Rumen Radev emphasized the need for a radical change in the electoral process, arguing that full implementation of machine voting could help restore public trust in elections
Boyko Borissov has warned that if the "Greatness" party enters parliament, it could jeopardize Bulgaria's chances of joining the eurozone
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