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Bulgaria's fiscal reserve decreasing, no reserves for higher revenues: Finance minister

published on 5/12/23 11:25 AM

Rositsa Velkova

Photo: BGNES (archive)

At the beginning of the year, the fiscal reserve was BGN 11.9 billion (EUR 6 billion), while compared to May 10, it decreased to about BGN 10.3 billion (EUR 5.3 billion), caretaker Finance Minister Rositsa Velkova announced in Parliament.

According to her, the decrease is mainly due to pension costs in the amount of BGN 1.4 billion (EUR 715 million). There is also a decrease in VAT revenues - at the end of April they were BGN 4.9 billion (EUR 2.5 billion), which is BGN 143 million (EUR 73 million) less than the same period of last year.

We have maximally strained the revenue part in the tax and social security revenue part," said the minister. According to her, there are no reserves for achieving higher revenues in the draft law on the budget.

"If there is no change to the tax legislation, there will be no reserves in the revenue part of the state budget law," Velkova said.

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Radio Bulgaria Economy draft budget revenues Rositsa Velkova state budget

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Bulgaria's fiscal reserve decreasing, no reserves for higher revenues: Finance minister

More from category

In three months, the average salary in Bulgaria went up 5.3% to EUR 1,315.

The Bulgarian National Bank (BNB) expects inflation in the country to continue to rise until the end of 2025

The economy of expectations – how the fear of price increases actually leads to price increases

In three months, the average salary in Bulgaria went up 5.3% to EUR 1,315.