BULGARIA’S GOVERNMENT APPROVED DRAFT 2017 BUDGET

Bulgaria’s draft state budget for 2017 was approved on 31st of October at an extraordinary meeting of the Council of Ministers.

Bulgaria’s Minister of Finance, Vladislav Goranov described the draft 2017 budget as conservative and feasible.

The draft envisages more funds for education, defence and healthcare. The ministers also voted to approve the budgets for social security and the national health insurance fund. The economic growth for 2017 is forecast at 2.5% and the deficit at 1.4%.

The minimum wage is envisioned to increase to 460 BGN and pensions to go up by 2.4% as of 1st of July. The pension contributions are set to go up by 1%. In the social area, the draft 2017 budget provides for payment of 50% of maternity allowances to mothers who returned to work before their child became 1 year old.