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Bulgaria Govt Puts Forward Anti-Crisis Measures

Date: 22.09.2009

A crackdown on corruption in European funds absorption, speed-up in the process for joining the euro exchange-rate mechanism and quick VAT refund feature on the list of fifty-nine economic anti-crisis measures. The proposed measures are short-term and are scheduled to be implemented by June 2010.

The government also assigns great priority to the equal development of all regions in Bulgaria and leveling off the huge differences in the living standards and opportunities for doing business in them.

The cabinet does not plan additional cuts in administrative costs other than the already announced 15% in the second half of this year that will help save BGN 1,2 B. Plugging loopholes in excise tax collection and curbing contraband is expected to help cover another BGN 1.3 B.

The 15% cut in public spending is the biggest fiscal limitation in the European Union, while the budget deficit reduced five times to BGN 105 M in August from BGN 564,3 M in July.

Most experts have welcomed the measures of the new government, but others have warned that they may deepen Bulgaria's recession.

The list of anti-crisis measures comes fifty days after the center-right government of GERB party came into office after sweeping the elections on July 5.

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