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Bulgaria's 2010 state budget, heralded by FinMin Simeon Djankov as EU's best, had to be revised mid-year over highly inadequate revenue. Photo by BGNES.
The draft 2011 State Budget Act prepared by the Bulgarian Cabinet is reported to preview loans amounting to some EUR 2 B and increase national debt from EUR 4,8 B to EUR 7 B.
The GERB cabinet is making this stipulation in an effort to finance its spending next year, according to a report of the Bulgarian daily Sega.
About EUR 1 B of that loan is to be issuing of bonds. The budget deficit for 2011 is also previewed to be EUR 1 B.
The draft budget for next year also previews issuing of new sovereign loan guarantees, especially for problem-plagued Bulgarian State Railways.
EUR 400 M will be borrowed following an agreement with the European Investment Bank.
If making the EUR 7 B mark, the national debt will be about 16% of Bulgaria's GDP. The strategy for debt management in fact does include a raising of this percentage.
At present Bulgaria's national debt is EUR 4.8 B, or 14.3% of GDP. This includes EUR 3.3 B foreign debt and EUR 1.5 B internal debt.
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