Bulgaria’s Government Approved the Draft State Budget for 2018

The Bulgarian government adopted the draft budget for 2018 on 30^th of October, a day before the deadline for submission to the National Assembly. The budget bill provides for more funds in the social and security sectors.

Finance Minister Vladislav Goranov outlined the parameters. He highlighted the strong growth of the financial framework and reiterated that more funds are allocated in several sectors, such as education, the social sphere and the security sector.

In response to criticism from the trade unions, Goranov has noted that spendings grow fastest where wages were lowest.

The main parameters of the state budget are close to 4% growth of the economy for 2018, 1% deficit and new state loan, which will be withdrawn to the amount of BGN 1 billion and will be used to pay laibilities in arrear.

More funds will be allocated to the education sector– additional 330 million BGN, which will be mainly used higher wages.

Also, more money will be allocated for wages in the army and the police.

From 1 January 2018, the minimum wage is also set to increase.