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Bulgaria ups allocations for public sector spending in 2008

Date: 27.10.2007

All budget-subsidised sectors of the Bulgarian economy will get more spending room in 2008.

The spending policy of the government will remain focused on the social, education and health care sectors with an increase in budget allocations of 11% to 22%.

The budget cost of the social safety net continues to account for the biggest chunk of overall public spending or BGN 7.6 billion.

The 2008 budget surplus is forecast at 3% of GDP or BGN 1.8 billion.

The draft of the budget bill indicates that the employers and employees will share social security contributions in a 60:40 ratio from next year.

The only two projects that will receive state guarantees for their financial packaging are the Belene nuclear power plant and the projects for containerised cargo terminals at the Burgas and Varna-East Black Sea ports.

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