Finance Minister Vassilev announced the parameters of proposed budget update

The proposed budget update was discussed on June 3 by the ruling coalition. Some of the partners came in with ideas for more anti-crisis measures. Others, however, said that the update mainly includes anti-crisis measures, not reforms.

The expert coalition council went on for almost two hours, in which the new parameters in the budget update were discussed. They foresee additional revenues of BGN 1.645 billion, a deficit of 4.1%, GDP growth of 2.9% and inflation of 10.9%.

The update provides for an increase in the ceiling of the state debt from BGN 7.3 billion to BGN 10 billion. Finance Minister Asen Vassilev explained the reasons.

The limit of new debt is raised so that the debt we have to pay next year on maturities can be taken this year at lower interest rates if we have better market conditions.

Within this year, there are no plans for changes to the maximum social security income and the minimum wage.

Funds have been allocated for updating pensions from 1 July.

Assen Vassilev pointed out that a new update is due from 1 October to overcome accumulated deficits.

Vassilev pointed out that the update is mainly aimed at financing anti-crisis measures.

Earlier today, Deputy Prime Minister and BSP leader Kornelia Ninova explained that during the budget update, the assistance to businesses for the expensive electricity and gas will continue.

An increase in subsidies for farmers is also being discussed, Ninova said.

Before the coalition council, “There is Such a People” (a member of the 4-party colaition government) criticised the proposed update.

There are no reforms, only anti-crisis measures are planned. One of the reforms that I do not see is the overall social security system to be reformed together with the pension system. That is what I do not see, Lubomir Karimanski of "There is Such a Peple" said.

"Democratic Bulgaria" (a memebr of the 4-party coalition government) said it was not pushing for increased spending.

"We have proposals that are not related to asking for money for something, but we will announce them in the coming days and hours. They will help for much better tax collection, said Ivaylo Mirchev of "Democratic Bulgaria".

Coalition partners can make new proposals until Monday and on Tuesday the draft budget will be discussed by trade unions and employers in the framework of the tripartite cooperation council.

The ruling coalition ambition is for the draft updated budget to enter the Council of Ministers next week, then be distributed to the National Assembly committees and on 1 July it will be a fact.

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