Ex-Economy Minister: Bulgaria Unlikely to Enter Eurozone in Early 2025
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The European Commission will not punish Bulgaria despite the threats to target it with an excessive deficit procedure, the country's prime minister has assured.
“Bulgaria continues to have one of the best fiscal performance among the countries from the European Union even though its 2009 revised budget gap exceeded the thee percent EU threshold,” Boyko Borisov said on Saturday during his visit to the coastal town of Varna.
“There are countries, whose deficit is much higher than Bulgaria's. There have never been punishments because of this, nor will Brussels punish us,” Borisov snapped.
The European Union's official statistics agency Thursday said the Bulgarian budget deficit in 2009 was wider than the government had estimated, even though Sofia recently revised upwards its last year's fiscal gap due to a hidden deficit.
In the first of its twice-yearly reviews of government finances in the 27-member bloc, Eurostat said the Bulgarian government's budget deficit was 3.9% of gross domestic product last year, which is up by 0.2% over the government's revised figure.
Bulgaria's center-right government announced earlier in April a larger than expected 2009 deficit caused by unaccounted procurement deals, signed by the previous Socialist-led cabinet. The previously undiscovered expenses increased the 2009 gap to 3.7% of gross domestic product (GDP) from an initial 1.9% under the EU rules, the cabinet said.
Prime Minister Boiko Borisov has blamed the increase on extra spending due to annexes to public procurement deals the previous government had signed with some 150 contractors at the end of its term.
Borisov said his ministers were kept in the dark about the additional costs to the treasury.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
Amidst discussions about Bulgaria's journey towards joining the Eurozone, Deputy Governor of the Bulgarian National Bank (BNB), Petar Chobanov, highlighted the robustness of Bulgaria's banking system, stating it aligns closely with Eurozone standards
In a recent interview with BTA, Kristalina Georgieva, Managing Director of the IMF, emphasized the importance for Bulgaria to seize the opportunity to adopt the euro, stressing that it is achievable with the right political will
In its latest macroeconomic forecast released on Tuesday, the Bulgarian National Bank (BNB) anticipates a 2.2% increase in Bulgaria's Gross Domestic Product (GDP) for the year 2024, compared to 1.8% in 2023
As Bulgaria inches closer to potential entry into the Eurozone, a closer examination of the nation's banknote circulation provides valuable insights into its monetary landscape
In a recent report by the National Statistical Institute, Bulgaria's annual inflation rate for March witnessed a notable deceleration, settling at 3% compared to the previous month's figure of 3.0%
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022