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FINANCE MINISTRY: REPETITION OF ARGENTINA SCENARIO IMPOSSIBLE
Business | March 13, 2002, Wednesday // 00:00
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The high inflation rate for the first two month of the year is not a tendency and will not lead to updating the budget, Deputy Finance Minister Kiril Ananiev said in his presentation of the budget execution till end-February 2002. He explained that such a possibility exists only if there is a huge divergence from the macroeconomic indices, which the Cabinet cannot handle. Bulgaria will not repeat Argentina’s scenario, Minister Ananiev stressed. Revenues in the budget for January and February stand at almost BGN 1,8 BLN, which accounts for 14,1% of the annual target, data of the Finance Ministry show. Deficit is put at BGN 153 M, which is almost 60% of the planned annual deficit, following the payments to the World Bank, the Paris and London Clubs. The revenues from excise duties are below the envisaged figure. These revenues are expected to come into the budget later and compensate the delay. According to officials from the Finance Ministry one of the reasons for the delay is the extension of the deadline for sale of cigarettes with old excise duty stamps.
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