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
Bulgaria’s government has invited offers from ten German banks as it seeks a EUR 360 M Schuldschein loan to finance its budget shortfall.
Finance Minister Petar Chobanov, who will be in charge of placing debt under German legislation, is expected to pick the bank with the lowest fee.
The names of the banks were not officially disclosed, but Deutsche Bank and Commerzbank surfaced in media reports.
The Schuldschein loan, which is not well known in Bulgaria, is provided mainly by German banks and is used to raise capital from both private corporations, municipalities and states.
The government expects to wrap up negotiations about the terms of the loan by October 20, according to media reports.
Economists have said the proposed loan is cheaper and faster to arrange.
Last month Bulgarian Finance minister, Petar Chobanov, said the government is considering a syndicated loan arranged by foreign banks to be an option for financing the budget.
He added that the cabinet will choose a foreign bank to arrange the loan and to attract foreign investors as lenders, but it was only at the beginning of October that the government confirmed these will be German banks.
“Obtaining additional external financing by placing debt under German legislation will lead to diversification of debt funding sources and the investor base of the Bulgarian public debt. This will also prevent concentration of future debt payments,” the government said in a statement.
No further details about the yield and terms of the issue were immediately available.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The National Statistical Institute reports that in 2023, the poverty line for the entire country stood at 637.92 BGN per person per month within households
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
The price of retail lamb in Bulgaria has surged by 8.4% on an annual basis, according to statistics released by the Ministry of Agriculture and Food, with data sourced from SAPI indicating an average price of BGN 25.27 per kilogram as of April 10
According to recent data from the Confederation of Independent Trade Unions of Bulgaria (CITUB), the financial strain on Bulgarian households continues to intensify
Experts suggest that Bulgaria's admission to the Eurozone is more realistic in January 2026
February witnessed a surge in remittances from Bulgarians residing abroad, reaching a remarkable EUR 110.5 million, marking the highest value since last July
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022