BULGARIAN PARLIAMENT PASSED THE STATE BUDGET FOR 2016

On 2nd of December, Bulgaria’s Parliament passed at second reading the state budget for 2016. Voting finished after 12 hours of debates. Most discussed were the allocations to the social area.

MPs from the Bulgarian Socialist Party insisted on allocation of more funds for unemployment and disabled people. There were proposals for increase of the budgets of municipalities, particularly for municipalities in the North-West Bulgaria. These motions however were voted down.

The Bulgarian lawmakers approved the minimum wage in 2016 to be 420 BGN. The size of child allowances will also be increased. The budget envisages economic growth of 2%, a deficit of 2% and a new debt of 5,3 billion BGN. It also plans a buffer of 2 billion BGN to withstand unforeseen events in the banking sector in view of the forthcoming stress tests of the banks.