Podcast in English
Text size
Bulgarian National Radio © 2024 All Rights Reserved

The caretaker cabinet’s draft budget will lead to an excessive deficit procedure, the Fiscal Council says

| updated on 4/28/23 6:05 PM
Photo: expert.bg

The draft budget, with a deficit of 6.4%, contradicts the Public Finance Act.

In a Fiscal Council position sent to parliament, experts recommend measures for restricting the deficit in the treasury and structural reforms. The consultative body recommends a deficit of up to 3% of the GDP, and states that it should not be forgotten that next year the country will be evaluated by the European Commission. If the deficit remains as set down in the draft budget, Bulgaria will enter an excessive deficit procedure. The high deficit will lead to an increase in the public debt, and even though the country will remain with a comparatively low debt-to-GDP ratio, the interest on servicing the debt will be a burden. 



Последвайте ни и в Google News Showcase, за да научите най-важното от деня!
Listen to the daily news from Bulgaria presented in "Bulgaria Today" podcast, available in Spotify.

More from category

Rumen Radev: Medical assistance is a leading factor of morale at the front

“One of the leading factors of motivation and morale of the people fighting at the front is the availability of fast and reliable medical evacuation, as well as of effective and adequate medical assistance and its provision in the immediate vicinity..

published on 10/5/24 2:17 PM
Galin Tsokov

2% of teachers in Bulgaria are working pensioners

“You have the challenging but noble mission to mould knowledgeable, competent and highly responsible individuals, but most of all good and honest people, worthy citizens of the country and of the world,” said Education Minister Galin Tsokov in an..

published on 10/5/24 1:21 PM
Deputy PM and Minister of Finance Lyudmila Petkova

Finance Minister Lyudmila Petkova: We expect to meet inflation criteria for accession to Eurozone by December

In December this year the Ministry of Finance will have covered the last of the criteria for accession to the Eurozone – inflation, said caretaker Deputy PM and Minister of Finance Lyudmila Petkova. Two weeks after fulfilling it, Bulgaria will ask..

published on 10/5/24 10:30 AM