S&P: Bulgaria on Track to Join Eurozone in 2026 Despite Governance Shortcomings
Despite lingering issues with corruption, public procurement oversight, and energy market liberalization, Bulgaria is still expected to join the eurozone next year
For more than three months, Bulgaria has been awaiting a response from the Republic of North Macedonia regarding the draft agreement for the construction of a railway tunnel that would link the railway networks of the two countries. The Ministry of Transport emphasized that this is the only unresolved issue between the two nations in the realm of railway transport. However, the agreement holds significant importance beyond bilateral relations, playing a critical role in NATO's collective security and enhancing connectivity between EU member states.
Bulgaria has expressed its readiness to sign the agreement immediately and commence construction. While waiting for North Macedonia's response, Bulgaria continues to invest in modernizing and developing the sections of Corridor 8 within its borders, having already allocated over 4 billion leva for this project.
Despite this, the Ministry of Transport in North Macedonia recently accused Bulgaria of misrepresenting facts concerning the construction of Corridor 8. This claim followed reports in Bulgarian media stating that Bulgaria is fully prepared to proceed with signing the agreement and starting the construction of the cross-border railway tunnel along Corridor 8, according to Bulgarian Deputy Prime Minister and Minister of Transport Grozdan Karadzhov.
The delay from Skopje is seen as jeopardizing the timely completion of this essential project, which is pivotal for both NATO's security and EU integration. The Bulgarian Ministry of Transport has called for clarity on North Macedonia's position and remains open to discussions should there be any objections to the proposed draft. However, the lack of concrete responses from Skopje threatens to delay this important infrastructure project.
Sources:
Prime Minister Rosen Zhelyazkov made a notable visit to the Vatican ahead of Bulgaria’s May 24 celebrations
Bulgarian MP Stanislav Balabanov from the “There Is Such a People” (TISP) party raised concerns on Thursday about an upcoming report in the European Parliament
Elisaveta Belobradova, a member of parliament from "We Continue the Change-Democratic Bulgaria" (WCC-DB), released the full content of her written inquiry to the Ministry of Education and Science (MES)
In April 2025, a serious cybersecurity breach targeted Bulgaria’s Permanent Representation to NATO, according to Ivaylo Mirchev, an MP from the “We Continue the Change–Democratic Bulgaria” coalition
The Russian Foreign Ministry has launched a sharp attack against Bulgarian institutions, accusing them of launching a targeted campaign against Russian language teachers
GERB leader Boyko Borissov has revealed that during his recent visit to Istanbul, he raised the issue of the gas transmission contract with Turkish President Recep Tayyip Erdogan
Google Street View Cars Return to Bulgaria for Major Mapping Update
Housing Prices Soar in Bulgaria’s Major Cities as Demand and Supply Strain Increase