Bulgaria's Finance Minister is preparing a Budget that Meets the Criteria for Entering the Eurozone

Asen Vassilev

The Ministry of Finance is preparing a draft budget in which the indicators fully meet the Maastricht criteria, that is, for entry into the Eurozone. For now, Bulgaria plans to do this in 2025.

Asen Vassilev presented some parameters after they were discussed with the deputies from the parliamentary committee on budget and finance. He added that the estimates are for an executable budget, which represents a good basis for the budgets in the following years as well.

The projected budget deficit is 3% (4.5 billion leva) on an accrual basis (which is the criterion by which parameters are calculated in the Eurozone, while in Bulgaria the cash basis continues to be used for budget planning and reporting) and 2.5% on a cash basis, Vassilev said.

He explained that the macro framework of the budget has not been changed compared to the budget submitted by the government in the National Assembly, so that the law can enter into force on August 1. The plan is to be adopted by the deputies by the end of July.

An increase in revenues of 3.5 billion leva is planned, mainly through the National Revenue Agency and the Customs Agency.

The tax reliefs remain until the end of the year, only the VAT on natural gas is returned from 9% to 20%. "My opinion is that it is not good to touch taxes in the middle of the year", explained the minister.

Pension and salary costs, as well as a 10% pay rise in administrations that have not yet received a raise, are being retained. This year's planned increase in the allowance during the second year of maternity leave, as well as the increase in scholarships for students, remains. There is also the additional money for the Bulgarian Academy of Science, the Agricultural Academy and expenses for the ...

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