Bulgaria's Former Ruling Party GERB Predicts Financial Catastrophe

Politics » DOMESTIC | February 2, 2014, Sunday // 17:12
Bulgaria: Bulgaria's Former Ruling Party GERB Predicts Financial Catastrophe Boyko Borisov, former Bulgarian Prime Minister and leader of center-right party GERB (Citizens for European Development of Bulgaria), photo by BGNES

Center-right party GERB has leveled strong criticisms against the financial policy of the socialist-led coalition government, predicting a catastrophe in 2015.

Speaking Sunday at a press conference, Boyko Borisov, former Prime Minister and leader of GERB (Citizens for European Development of Bulgaria), expressed serious concern over the financial situation, stressing that the revenue agencies had failed to collect around BGN 500 M in 2013 despite the budget update.

"If this government stays, it will update the 2014 budget with new loans and debt and the state will collapse in 2015 and then they will be accomplices in this crash," Borisov stated, according to reports of Sega daily.

Borisov said he was not interested in the drama unfolding at the Bulgarian Socialist Party (BSP) after the announcement of a parallel list of candidates for the 2014 European Parliament elections of the ABV Movement of former BSP Chair and two-term President Georgi Parvanov.

He claimed that BSP and the ABV Movement would join forces in the case of early elections, meaning that things would remain unchanged.

Bulgaria's former Prime Minister argued that the current government was slowly undoing the achievements of the GERB government.

He claimed that it was the budget hole of BGN 1.5 B that mattered, rather than relations between BSP and the ABV Movement.

Borisov, as cited by Darik radio, insisted that the supporters of the socialist-led Cabinet of Prime Minister Plamen Oresharski were accomplices in the ongoing catastrophe.

Citing the report of the Finance Ministry on the implementation of State Budget 2013, GERB MP Menda Stoyanova claimed that the data did not agree with the government's measures aimed at increasing investments and achieving a re-industrialization.

Stoyanova drew attention to underperformance on the revenue side of the budget and in the segment of capital spending.

She suggested that the government was failing to control running costs, adding that the Cabinet would have to boost revenue collection by BGN 2 B in a year, which was an impossible target, and would most probably resort to a budget update.

GERB MP and former Deputy Finance Minister Vladislav Goranov pointed out that receipts from excise duty had remained unchanged in 2013, implying that the results were due to fraud.

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Tags: Boyko Borisov, Former Prime Minister, GERB, Citizens for European Development of Bulgaria, Bulgarian Socialist Party, Socialist-led government, State budget 2014, Menda Stoyanova, Vladislav Goranov, GERB government
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