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.
The preparation of the non-banking financial sector for the introduction of the euro is at a very advanced stage and a significant part of it has already taken concrete measures to adapt to the new currency, the new chairman of the Financial..
The likelihood of Bulgaria joining the eurozone on 1 January 2026 is growing by the day. The country would become the 21st EU member to adopt the single currency. The signals are coming both from the Bulgarian government, which has repeatedly stated..
The Bulgarian National Bank (BNB) has again reduced the key interest rate in the country . As of May 1, it will now be 2.24 percent. The decrease compared to April is 0.15%, when it was 2.39 percent. This is the eighth consecutive month of a decrease in..
The base interest rate in Bulgaria is decreasing to 1.91% as of July 1, announced the Bulgarian National Bank. The base interest rate is dropping by..
Exactly a week remains until the final decision on Bulgaria's entry into the eurozone – on July 8, the European Parliament is to vote on whether Bulgaria..
At the start of the harvest season, Yanislav Yanchev, the Deputy Minister of Agriculture , predicted that the wheat would be of good quality. The country..
Clear