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Bulgaria Ministers Discuss Budget 2010

Date: 21.10.2009

Bulgaria's new government will discuss on Wednesday the distribution of the budget for next year among the ministries.

Finance Minister Simeon Djankov has repeatedly expressed confidence that the government will run a balanced budget next year and safeguard its currency board regime.

The government has set a fiscal deficit at BGN 465.7 M or 0.7 % of GDP next year but has said it will target a zero gap in a bid to speed up euro zone entry. It put aside a reserve of BGN 406 M in the budget, which would be spent only if unforeseen needs occurred.

The budget draft put spending at BGN 25.8 B and revenues at BGN 26.1 B, well below the initial 2009 budget plans.

The budget will be reviewed once again in the middle of 2010, when the economic parameters of the country and the spending side of the budget will be clear.

According to Djankov should the parliament approve the balanced budget, the planned 10% buffer will not be used.

Prime Minister Boyko Borisov has assured that the government has reached consensus on next years' budget.

He has blamed once again the previous Socialist-led government of bleeding white the state treasury and said it was more than natural for each minister to try to rake in as much financial resources to his department as he can.

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