Bulgais's Finance Ministry Plans Bufget Deficit of Three Percent in 2022
The Finance Ministry is planning the budget deficit to drop to 3 per cent in 2022 and 2.
Bulgaria to Aim to Contain 2014 Budget Gap Below 3%/GDP
- Tweet
Send to Kindle
Caretaker Finance Minister Rumen Porozhanov. Photo BGNES
Bulgaria’s 2014 budget gap will be above plan but the interim cabinet will try to contain it below the three-percent ceiling required by the EC.
The caretaker Finance Minister Rumen Porozhanov blamed what he said was unrealistically high revenue side of the budget bill adopted by the dissolved 42nd Parliament for the need to revise the budget and increase the deficit. The 2014 state budget has been adopted with an expected deficit equivalent to 1.8% of the projected Gross Domestic Product (GDP).
In an interview for state-run news agency BTA Porozhanov said that end-year revenue from taxes and excise duty is currently forecast to be some BGN 900 M below target but there are options to boost revenue collection in the remaining months of the year.
He also blamed the need to widen the budget gap to increased government spending and the frozen funding under the EU’s operational programmes Environment and Regional Development.
The key problem is that a rise of 11% in budget revenue is projected for 2014 compared to 2013, while GDP is planned to grow by 1.8%. The discrepancy is impossible to eliminate completely despite all revenue-boosting measures, said Porozhanov.
He later told a news conference that ex-customs chief Vanyo Tanov will be appointed again as head of the Customs Agency in a bid to improve revenue collection which Porozhanov estimated as unsatisfactory.
Referring to frozen EU funding, Porozhanov said that the caretaker cabinet is trying hard to have payments to Bulgaria under Operational Programme Environment restored to shrink budget deficit.
Suspended payments to Bulgaria under the Regional Development programme have been resumed under all axes, caretaker Deputy Prime Minister Ekaterina Zaharieva said at a news conference on Tuesday.
Related Articles:
Bulgaria’s Foreign Minister Calls for United Front to Combat Fake News
Deputy Prime Minister and Minister of Foreign Affairs Ekaterina Zaharieva sent an appeal to the global community to join efforts for combatting disinformation and fake news in a speech before the participants of the 6th News Agencies World Congress organi
Society | November 13, 2020, Friday // 17:20
Foreign Minister: Bulgaria Not Approve the EU Negotiating Framework for North Macedonia Yet
We have a chance to reach an agreement on the negotiating framework for the membership of the Republic of North Macedonia in the European Union, Deputy Prime Minister and Minister of Foreign Affairs Ekaterina Zaharieva said at a briefing on November 3.
Bulgaria’s Foreign Minister Zaharieva: EU’s Internal Borders Must Not Close Again
During an official visit in Prague, Bulgaria’s Minister of Foreign Affairs Ekaterina Zaharieva said that the EU must fight together to fight the COVID-19 pandemic, but must not allow for its internal borders to close again.
Politics | July 13, 2020, Monday // 17:02
Minister Ekaterina Zaharieva is on a Working Visit to Berlin
Deputy Prime Minister and Minister of Foreign Affairs of the Republic of Bulgaria Ekaterina Zaharieva is on a working visit to Berlin.
Politics | March 2, 2020, Monday // 11:46
Bulgaria Commits to 3% Budget Deficit in 2025, Finance Minister Confirms
Bulgaria's Deputy Prime Minister and Finance Minister, Lyudmila Petkova, confirmed that the draft budget for 2025 will target a deficit of no more than 3% of the country’s GDP
Bulgarian Retailers Prepare for Euro Transition Amid Complex Changes
Retail chains in Bulgaria are actively preparing for the transition from the Bulgarian leva to the euro
Rising Debt Among Young Bulgarians: A Concern for Financial Literacy
The number of young people up to the age of 25 who are heavily in debt is on the rise in Bulgaria
Gross External Debt in Bulgaria Climbs, Driven by Long-Term Liabilities
At the end of July 2024, Bulgaria's gross external debt reached 43.69 billion euros
Bulgaria’s Finance Ministry Anticipates Meeting Eurozone Inflation Criteria by December
Bulgaria's Ministry of Finance is optimistic that the final requirement for joining the Eurozone will be met by December
Majority of Bulgarians Report Decreased Savings Amid Inflation Surge
A sociological survey conducted by the Trend agency and commissioned by the Expert Club for Economics and Politics (EKIP) reveals that 73% of Bulgarians feel their savings have diminished due to high inflation since mid-2021.
