BULGARIA’S PARLIAMENT DEBATES ON RATIFICATION OF AGREEMENT FOR A LOAN OF 16 BILLION BGN

On 25th of February, Bulgaria’s Parliament holds the debate and voting on the draft law for the ratification of the agreement with four intermediary banks for borrowing 16 billion BGN.

The Parliament had twice postponed the vote on the 16 billion BGN loan, because of disapproval expressed by the coalition partners - the centre-left ABC party and the alliance “Patriotic Front”.

The funds that Bulgaria has to urgently borrow have been calculated to the tune of 16 billion BGN and not a single BGN less, Bulgaria’s Finance Minister, Vladislav Goranov said. The loan will be used to cover old debts and payments over the next 3 years.

During the debate, the centre-left ABC and the Patriotic Front confirmed their decision not to support the draft law for the ratification of the agreement.

Meanwhile the opposition Bulgarian Socialist Party reiterated they would not back the idea of taking a new loan and staged a protest outside the building of Parliament in Sofia. The nationalist Ataka party has also organized a protest against the ratification of the new loan.