Bulgaria’s Government Approved the Financial Framework for 2017 - 2020

The three-year budget framework by 2020 was adopted by the government on 17^th of May. The minimum wage will increase in the next three years by BGN 50 per year until it reaches BGN 610 in 2020. The minimum pension is scheduled to go up to 180 BGN in July this year, and to 200 BGN as of October 1st. The retirement age for men is projected to increase by two months per year, and for women by 1 month, while both categories reach the age of 65, but this is a longer term aspect, not by 2020.

The budget for next year envisages more money for education, health and social care and about BGN 300 million less for internal order and security. The country's financial framework for the next 3 years aims to achieve a balanced budget in 2020 without a deficit.

“We maintain conservative fiscal policy as a prerequisite for sustainable development and economic growth. We have proposed economic growth forecasts, which, in good circumstances, can be better. For the time being, estimates are from the latest macroeconomic growth forecast of around 3% and just over 3%,” Vladislav Goranov, Minister of Finance said.

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