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Bulgaria FinMin Unruffled over in Surplus

Date: 02.04.2009

Bulgaria's Finance Minister Plamen Oresharski has tried to assuage fears over the slide in the budget surplus and the rise in total fiscal spending recorded in February.

"There is no cause for concern, the figures were expected," he said. "True, there is a reduction in the budget revenues, but this is nothing to worry about."

Asked whether Bulgaria can meet the planned surplus of 3.0 percent of gross domestic product for 2009, Minister Oresharski said the answer will be known in the autumn, but he remains upbeat.

Bulgaria's budget surplus decreased by 35% month-on-month in February 2009, reaching BGN 587 M, raising concerns that it may not meet end-year surplus target.

Data of the Finance Ministry shows that the state's spending for the first two months of 2009 increased by 12% year-on-year to BGN 3,68 B. Meanwhile, revenues for the same period rose by 9.9%, and was BGN 4,27 B.

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