Bulgaria’s Finance Minister: There is No Risk of Bankruptcy

Business » FINANCE | March 16, 2023, Thursday // 08:43
Bulgaria: Bulgaria’s Finance Minister: There is No Risk of Bankruptcy @BNT

"There is no risk of bankruptcy of the state, nor of the intervention of the International Monetary Fund and the need to take out new debt." This was stated on the National Television by the Acting Minister of Finance Rositsa Velkova. Her comment was on the occasion of the two scenarios of the long-term budget forecast leaked to the media yesterday. She assured that with a deficit of 3%, the country's finances are stable.

"I want to assure the Bulgarian citizens that there is no risk of bankruptcy. The state is not bankrupt and there is no risk. There is no risk for the currency board either. Provided that we follow a long-term fiscal policy that is within 3%, these risks will not be there. We cannot be a bankrupt country under the conditions that we regularly pay our budget payments, liabilities, pensions. Next week we will pay off 3 billion in debt. The fiscal reserve, after the payment and repayment of the debt, will be in the range of 10 billion, so Bulgaria is not a bankrupt country and it doesn't have those risks. Those risks are in a scenario because we are a caretaker government, we can't change and make policy, but in this case we are proposing measures to ensure fiscal stability and to ensure all payments with a deficit of 3%," explained Rositsa Velkova.

She added that "we do not aim to send messages to political parties, and the moment is so consistent with the election campaign that, according to the extended budget law, a draft law on the state budget for 2023 must be submitted by the end of April. In Brussels, a 3-year budget forecast for 2024 - 2026 has to be sent. In view of the introduction of this draft law, the tax laws must be put up for public discussion. It must be decided what the budget balance should be and what the goal should be," Velkova specified.

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Tags: velkova, bankruptcy, debt, Bulgaria
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