Interim Budget Committee Approves Budget Update

The interim parliamentary committee on budget and finance approved the draft amendments to Bulgaria's Budget Act, reports the Focus information agency.

The budget update was tabled by the Council of Ministers earlier this week. It provides for a deficit of 3.7% of Bulgaria's GDP for 2014 and the taking of another state loan of BGN 4.5 B.

On Thursday it was approved by 13 members of the parliamentary committee. Five abstained and none was against.

According to Finance Minister Vladislav Goranov excessive deficit and uncollected revenues was not the goal of the amendments, but they were necessary in order to cover the budget gap.