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.
In the second quarter of the year, the average salary increased by 12% year over year, reaching €1,315.04. Borislav Gutsanov, the Minister of Labor and Social Policy, announced this information after today's meeting of the National Council for..
As of August 8, 2025, the mandatory indication of prices for all goods and services in Bulgaria in two currencies – in Bulgarian leva and in euros – has been in effect. This obligation will remain valid for traders for a period of one year – until..
As of January 1, 2026, the minimum monthly wage should be 1,213 BGN (EUR 620.2), up from the current 1,077 BGN (EUR 550.66), said Luboslav Kostov, Chief Economist at the Confederation of Independent Trade Unions in Bulgaria (CITUB), in an interview..
Mostly Cloudy
Cloudy
Overcast, rain