Finance Minister in the caretaker cabinet Rositza Velkova has asked the ministries, by letter, to cut expenditure by 20% due to a risk to the budget, Trud and 24 Chasa write in their online versions.
The cause for concern is the accumulated spending because of bills voted by the previous parliaments. “Implementing them undermines the budget balance, and a deficit of 7% for 2023 is to be expected,” Minister Velkova stated, and went on to enumerate the factors that are the biggest threat to fiscal stability: the increase in pensions and social payments, the reduced taxes and the non-implementation of European and investment programmes. To cover the deficit, the country will have to take out new loans and the debt could reach up to 60% of the GDP, Rositza Velkova warned.
On the threshold of the active summer season, which in this country is no more than two months – July and August, the tourism industry is relatively calm. Bookings are good and forecasts for a growth of 6% compared to last year at the..
This year will be the last in which Bulgarians receive their income in leva. In what currency will people declare their money to the tax authorities next year? This is one of the 221 questions about the euro that the Bulgarian National Bank (BNB)..
After the controversial success of the "Green Deal" and carbon emission quotas, which made electricity in Europe much more expensive than in its main economic competitors - the US and China, the European Commission is preparing new..
Due to Bulgaria's accession to the eurozone, the international rating agencies Fitch Ratings and S&P Global Ratings have upgraded the..
The main challenges in introducing the euro in Croatia were the weak economy and poverty of the population. This was said in an interview with the..
Partly Cloudy
Clear