Bulgaria is not in danger of bankruptcy. It is not in danger of the International Monetary Fund's intervention either. There is no need to take out new loans, caretaker Minister of Finance Rositsa Velkova said for the BNT with regard to media publications about two scenarios for a long-term budget forecast.
Minister Velkova assured that with a deficit of 3%, as set in the cabinet's draft law on the 2023 state budget, the country's finances are stable and there is no risk for the currency board. In Minister Velkova’s words, the budget deficit could rise to 7% of the GDP in the next four years if the revenue and expenditure policies of the last two years continue. In order to secure the payments for the current year, the draft provides for the introduction of the so-called excess profit tax- a one-off solidariy contribution for the second half of 2023, Rositsa Velkova said.
Vice President Iliana Iotova also confirmed that Bulgaria is not facing bankruptcy. In her words, yesterday's warnings of the finance minister are a signal to the political class at a time when the caretaker government is preparing a draft of a new state budget for this year. She rejected claims that the caretaker cabinet wanted to steal people's money. "I have confidence in the caretaker cabinet. As long as they work, and Rositsa Velkova is the Minister of Finance, there will be no bankruptcy of the state, nor will there be a need for new debts," the Vice President concluded.
The first regular direct flights between Bulgaria and the United States are expected to begin in April 2026, Transport and Communications Minister Grozdan Karadzhov said during the national discussion “Tourism and Air Connectivity: Traditional..
Bulgaria’s National Assembly approved at second reading amendments to the Investment Promotion Act. Under the changes, the assets of the Russian company Lukoil in Bulgaria can be sold only after a decision by the Council of Ministers and following a..
Bulgaria’s Prime Minister Rosen Zhelyazkov is convening a working meeting with ministers in connection with the United States’ decision to impose sanctions on Rosneft and Lukoil. The meeting is scheduled for 11:00 a.m. on Friday. Premier Zhelyazkov..
Saturday will start off with lows between 6°C and 11°C, dropping to around 6°C in Sofia. Skies will brighten for a time over northern Bulgaria before..
The annual planned maintenance of Kozloduy NPP Unit 6 starts today and is expected to last until early December, the nuclear power plant has announced...
The international scientific conference “Bulgarians in the Northern Black Sea Region” will be held in Sofia on October 27 and 28, 2025 in the Institute..
Rain
Partly cloudy, chance of rain
Overcast, rain
Cloudy
Scattered showers