By 14 February, the cabinet will submit a new draft law on the state budget

A new draft law on the state budget for 2025 will be submitted to the Council of Ministers by 14 February, as well as draft laws on the budget of the National Health Insurance Fund and the State Social Insurance. This was announced by Finance Minister Temenuzhka Petkova during the meeting of the Council for Joint Governance, the press centre of GERB informed on January 28.

Minister Petkova provided an update on the current state of public finances. The Ministry of Finance’s analysis indicates that the deficit in the state budget for the first quarter of 2025 will be around 3.634 billion BGN. This estimate is based on the usual expenses and transfers required for the normal functioning of state systems.

“Revenue for January will be around 3.684 billion BGN, while the usual expenses and transfers will amount to 4.092 billion BGN. This results in a budget deficit of 407 million BGN. For February, revenue will be 2.267 billion BGN, and with usual expenses and transfers of 4 billion BGN, the deficit will be approximately 1.736 billion BGN. For March, revenue will reach 3.063 billion BGN, while expenses and transfers will total 4.553 billion BGN, creating a deficit of nearly 1.491 billion BGN,” noted the Finance Minister.

To finance the deficit and ensure the state’s normal functioning until the 2025 State Budget Law is passed, the Joint Governance Council discussed options to cover the current expenses for January.

• The Zhelyazkov cabinet will propose a new draft budget for 2025

The Council also discussed the inclusion of measures to combat the shadow economy in the 2025 budget. Council members agreed that there should be no cuts to public sector wages or social payments, nor should taxes be raised.