Bulgaria to Launch Independent Fiscal Board

Business » FINANCE | October 17, 2013, Thursday // 16:03
Bulgaria to Launch Independent Fiscal Board: Bulgaria to Launch Independent Fiscal Board The EU has recommended to Bulgaria to establish an independent body for control, analyses, and advice regarding the budget policy. File photo

An independent fiscal board will be established in Bulgaria in 2014, according to the Finance Ministry.

The board will be in charge of conducting independent monitoring and analyses of the macroeconomic indicators and the implementation of the State budget.

This was written in the Bill for creating the new structure. The motives, listed by the Finance Ministry, include a directive of the European Union and special recommendation from Brussels to Bulgaria for 2013 – 2014 to establish an independent body for control, analyses, and advice regarding budget policy.

The Board will have five members to be elected by the Parliament and will be financed by the parliamentary budget.

Its primary function will be to monitor compliance with numerical fiscal rules set out in the Public Finance Act and relating to the sector "government" and the consolidated fiscal program.

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Tags: Bulgaria, Independent, fiscal board, Finance Ministry, European Union, budget, policy, fiscal rules, Public Finance Act
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