Deputy PM Atanas Pekanov: The Deficit Cannot Be Brought Below 3% in the First Year

The draft budget for 2027 will most likely be submitted for discussion next week, Deputy Prime Minister Atanas Pekanov said. He explained that it is unrealistic to expect Bulgaria’s budget deficit to be reduced to 3% in the first year of the excessive deficit procedure in which the country currently finds itself.

Atanas Pekanov, Deputy Prime Minister: “Most likely, it will be presented next week, provided we have completed all discussions with the European Commission. The direction must be maintained every year, but that does not mean we have to reach 3% in the very first year. Given the budget and the deficit we inherited in May, which, as you know, was above 5%, there is no country that could immediately bring it below 3%. For now, we are moving in that direction: meeting the European Commission’s requirements, which concern not only the deficit but also the rate of expenditure growth next year. You know that some spending rationalisation measures have already been undertaken in certain ministries. Further measures are being developed and will take effect next year, with the aim of reducing expenditure. At the same time, we want to protect the government’s social programme, which covers incomes, pensions and teachers’ and doctors’ salaries. These are the things we are working to preserve while also meeting the requirements.”