Government Presents Key Parameters of 2027 Draft budget

The government on November 6 presented the key parameters of its draft budget for next year. For the first time, the presentation was held at the University of National and World Economy (UNWE).

The presentation was held under the motto: 'Budget 2027 – restoring public finances and laying the foundations for social and economic development'.

Usually, the budget parameters, together with the medium-term budget forecast, are published on the Ministry of Finance's website. They are then discussed with the social partners at the National Council for Tripartite Cooperation. Representatives of those partners are also expected to attend today's presentation. The draft budget is subsequently approved by the Council of Ministers and submitted to the National Assembly for a final vote. The process usually takes around a month.

Rumen Radev, Prime Minister: "The budget sets out the country's vision for development. It defines goals, priorities and policies. We have one clear objective: for Bulgarians to enjoy a better and more secure life. To achieve this objective through Budget 2027, we must solve complex equations and strike difficult balances: reducing the excessive deficit and cutting expenditure while ensuring that incomes and social support are not eroded. We must rein in spending and settle substantial financial liabilities, while still being able to invest in areas that can deliver economic growth for the country as quickly as possible. Beyond the figures, the direction we take is extremely important to us: where we are starting from, where we stand now, and where we want to go – and how we intend to get there."

Galab Donev, Deputy Prime Minister and Minister of Finance: "Budget 2027 means higher incomes and support for families. It is also an investment in young people. We are targeting a budget deficit of 3.5% of GDP."

Over the coming weeks, each minister will hold a press conference to present their respective budget for 2027.

The Deputy Prime Minister rejected claims that the presentation marked the end of the budget debate and that they had shifted the focus from the National Assembly the Council of Ministers to a Bulgarian university—even though, in his words, it was the largest in Southeast Europe.

Gulub Donev, Deputy Prime Minister and Minister of Finance: “We will adhere to our established cycle for coordinating and discussing the budget,” said Gulub Donev. He noted that the so-called “small tripartite meetings” will take place next week, after which, on Wednesday, the National Council for Tripartite Cooperation will review the draft state budget for 2027. “Today we are publicly presenting the 2027 draft budget and launching these open public consultations on its parameters.”

• Presentation of the 2027 Draft Budget in PHOTOS

Next week, the so-called “small tripartite meetings” will take place, followed by a session on Wednesday when the National Council for Tripartite Cooperation will review the draft state budget for 2027.

In the coming weeks, each minister will also hold a press conference to present their respective 2027 budgets.