BGN 100 Million Budget for the Elections in Bulgaria
The new acting finance minister, Lyudmila Petkova, unveiled the budget for the upcoming elections, which amounts to BGN 100 million
Credit ratings agency Standard & Poor's cut Bulgaria’s sovereign credit ratingto BB+ from BBB- with a stable outlook.
The credit ratings agency explains the downgrade with the situation at Corporate Commercial Bank (KTB, Corpbank), which suffered a run on deposits and had to be taken over by the central bank, as well as the provision of liquidity support to First Investment Bank, and the fiscal deterioration throughout the year.
S&P attributes the deterioration of Bulgaria’s fiscal position to the weak economic growth and the deflation processes registered in the country.
The stable outlook reflects the low indebtedness of the public sector, which balances the risks in the financial sector, according to S&P.
Asked to comment on the downgrade of Bulgaria’s sovereign credit rating, Finance Minister Vladislav Goranov pointed out that the credit ratings agency had taken into account past events for which the current government was not to be blamed.
He argued that the weak economic growth and the risk of deflation were problems for a number of EU countries.
Goranov, as cited by the government’s press office, noted that S&P had also failed to take into consideration a number of positive developments, including the measures included in the medium-term budget forecast and policies aimed at shrinking the budget deficit.
He also underscored that the payment of insured deposits at KTB had started on December 4 and that the blocked payments under the EU operational program Environment had been restored.
Goranov assured that the government was aware of S&P’s position on how to improve the country’s rating and was convinced that the agency would soon have a reason to reconsider its opinion.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
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
Amidst financial fluctuations and strategic fiscal decisions, Bulgaria's Minister of Finance, Lyudmila Petkova, unveils the nation's robust fiscal reserve, standing tall at BGN 10.9 billion as of April 18th
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022