Send to Kindle
Finance Minister Vladislav Goranov maintains the new debt is needed to deliver on payments of previous loans and to finance this year's budget deficit. Photo by BGNES
Protests organized by the Bulgarian opposition are expected as lawmakers are beginning their session of a government proposal to take on fresh foreign borrowing worth BGN 16 M, or EUR 8 B.
The National Assembly also has to ratify the agreement with four banks (Citigroup, HSBC, Societe Generale and UniCredit) selected last week to manage the country's medium-term debt program. Last week a vote on the issue led to a brawl among MPs who discussed the move at a Budget Committee session.
Some EUR 3.5 B are to be raised this year to repay a EUR 1.5 B loan due to reach maturity this year and to finance its 2015 budget deficit.
Government officials have repeatedly stressed the need for Bulgaria to draw new loans and have urged calm, saying the amount of new debt should not spark any panic.
The socialist opposition, on the other hand, has described the debt proposal as "a scandal".
The cabinet's move comes just days after HSBC came in the spotlight amid a billions-worth tax evasion affair.
US President Donald Trump has adopted a cautious stance on possible military action against Iran after receiving assurances that Iranian authorities have slowed the deadly crackdown on protesters and will not proceed with executions
The European Union has unveiled the details of a 90 billion euro financial package to support Ukraine, with the bulk of the funds earmarked for defense as the conflict with Russia nears its fifth year.
US President Donald Trump said he had received assurances that Iranian authorities have stopped killing protesters and will not proceed with planned executions, suggesting a possible easing of tensions after days of heightened rhetoric
Thousands of people are now feared to have lost their lives during Iran’s violent suppression of weeks-long anti-government protests, as the scale of the crackdown becomes clearer despite severe restrictions on information coming out of the country
Some Greek farmers have announced that they will not take part in the talks with Prime Minister Kyriakos Mitsotakis scheduled for today, escalating their protest actions and warning of long-term road blockades across the country.
Thousands of protesters took to the streets of Minneapolis on Saturday in response to the fatal shooting of Renee Nicole Good, a 37-year-old woman killed by a federal Immigration and Customs Enforcement (ICE) agent
The Bulgarian government has approved an additional €25 million in revolving credit for Bulgarian Posts EAD to support the ongoing exchange of levs into euros at post offices
The Bulgarian National Bank (BNB) has updated its GDP growth forecast for Bulgaria for the 2025–2027 period, showing a more optimistic outlook than its June 2025 projections.
The process surrounding Bulgaria’s transition to the euro is unfolding smoothly and compares favorably with similar experiences in other countries
The process of converting Bulgarian levs to euros continues smoothly, with 48.3% of the national currency already withdrawn from circulation
As Bulgaria phases out the lev at the end of January, the numismatic market is already responding to the change, though not all coins are attracting attention.
The shift to the euro in Bulgaria is proceeding more smoothly than many anticipated, according to Petar Ganev, senior economist at the Institute for Market Economics
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence
