BGN

Political parties in Bulgaria have increased their subsidies 10 times in the past ten years, according to calculations of the Finance Ministry.

Political parties were first granted state funding in 2002, the total amount standing at BGN 4.500 million.

Two years later, the amount of the subsidies increased to a rate of over BGN 5.356 million, according to Trud daily.

The Defense Ministry will push for a higher military spending to be allocated in 2015, media reports suggest.

Deficits impeding the army to cover even some of its most essential needs are behind the expected move, with at least BGN 1.2 B needed to ensure that money for additional training and armament is available, daily Pressa hints, citing ts own sources.

Bulgarian emigrants send to relatives in Bulgaria more than BGN 2.3 B per year, shows 2013 data of the World Bank, quoted by Irena Zareva of the Institute for Economic Studies at the Bulgarian Academy of Sciences (BAN).

According to Zareva, quoted by Pariteni.bg, in 2013 the sum is estimated at BGN 3.4 B.

Recent reportage in the New York Times reminded me of my 95% Rule: "95% of what you read about economics and finance is either wrong or irrelevant". In her piece on the Bulgarian elections, Mariana Ionova wrote:

"Its [Bulgaria's] economy is growing at an annual rate of about 1.6 percent, but that is the slowest pace in the union, and about half the European average."

Bulgaria's caretaker government has approved a draft budget update.

The proposal for the update of Budget 2014 was discussed with representatives of employer organizations and trade unions Wednesday morning but they refused to back the measure, according to reports of the Bulgarian National Radio.

Both business and trade unions in Bulgaria want the draft budget update to be withdrawn, said the head of the Bulgarian Industrial Capital Vasil Velev, quoted by Darik radio.

Representing a common position, Velev defined the proposed update, which includes a deficit of 4% and a new state debt of BGN 4.5 B, as "radical".

A total of BGN 7,93M was stolen in Bulgaria last year as a result of credit card frauds, namely skimming, according to data provided by financial analysts, cited by 24 Chasa Daily.

The number of bank cards in 2013 was 8,259,629, or an average of one card per person.

Bulgaria's Ministry of Regional Development budget lacks some BGN 10-11M needed for the maintenance of roads in the winter season.

If the budget is not updated, the amount will reach BGN 40-50M in the spring, caretaker deputy Prime Minister Ekaterina Zaharieva told Bulgarian National Television. Another BGN 80M is needed for road repairs after the floods, she added.

Bulgarian President Rosen Plevneliev called the gaps in the current state budget a product of "deliberate" mistakes.

Bulgaria's Finance Ministry has warned social and healthcare spending will face significant shortages due to the state budget deficit currently estimated at BGN 3 B.

On Saturday the institution announced the 2014 deficit, under the update proposal being drafted by officials, will be 4-4.2 percent, and fresh state debt of about USD 4.5 B will be needed to tackle outstanding problems.