Finance Minister in the caretaker cabinet Rositza Velkova has asked the ministries, by letter, to cut expenditure by 20% due to a risk to the budget, Trud and 24 Chasa write in their online versions.
The cause for concern is the accumulated spending because of bills voted by the previous parliaments. “Implementing them undermines the budget balance, and a deficit of 7% for 2023 is to be expected,” Minister Velkova stated, and went on to enumerate the factors that are the biggest threat to fiscal stability: the increase in pensions and social payments, the reduced taxes and the non-implementation of European and investment programmes. To cover the deficit, the country will have to take out new loans and the debt could reach up to 60% of the GDP, Rositza Velkova warned.
In the next 12 months, the Bulgarian business needs about 262,000 workers and specialists , according to a study by the Employment Agency. This is nearly 9.3% of the currently employed. Compared to the results in 2023, there is a..
There will be pilot testing of ground-based silver iodide generators for hail protection in two zones where the use of rockets is not allowed, the Deputy Minister of Agriculture Ivan Kapitanov said. At a meeting with Claude Berthet,..
The German economy has been shrinking and the government expects a decline of 0.2% of GDP. Some of the main reasons for this include unresolved structural problems related to lack of energy security, excessive bureaucracy and shortage..
Partly Cloudy
Mostly Cloudy
Cloudy