НОВИНИ

Government will propose a new draft budget for 2025

The Council of Ministers also approved a programme for compensation of non-household consumers for high electricity prices

кабинетът желязков предложи нов проектобюджет 2025 година
Снимка: BTA
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от БНТ
21:20, 23.01.2025
Чете се за: 05:22 мин.
EN

At its first meeting today, the Zhelyazkov cabinet decided to withdraw the draft law on Bulgaria's state budget for 2025, the draft law on the National Health Insurance Fund, the draft law on State Social Insurance and the package of tax laws. Finance Minister Temenuzhka Petkova said that the projected deficit for the first quarter of the year is over BGN 3.5 billion.

Prime Minister Rosen Zhelyazkov's first words to the ministers and the media at the Council of Ministers meeting and the first key decision for the country’s future were about the reasons for withdrawing the draft budgets.

Rosen Zhelyazkov – Prime Minister: “This decision is based on the picture we have from the report for January 2025, as well as the data published by Eurostat, so that we can make a more accurate assessment based on assumptions, analyses, the macro-framework, and forecasts for the budget’s possibilities.”

Minister of Finance Temenuzhka Petkova warned that serious challenges lie ahead. The ministry’s projected data points to a significant gap in the treasury, and Petkova admitted she was concerned about the country's financial stability.

Temenuzhka Petkova – Minister of Finance: “The deficit for the first quarter will be 3.634 billion BGN. I can certainly say that this result is a consequence of the imprudent use of public funds over the last three years.”

The time has come to pay the bill for the "unreasonable spending", Petkova added, noting that at the next government meeting, funds from the reserve will be requested to cover current expenses for January, where the deficit exceeds 400 million BGN.

Temenuzhka Petkova: The deficit for the first quarter is 3.684 billion BGN, and we face serious and heavy challenges.

By February 14, the draft of the new budget law should be submitted to the Council of Ministers, along with the drafts for the Health Insurance Fund, State Social Security, and the package of tax laws. The 3% deficit requirement will be met.

Temenuzhka Petkova - Minister of Finance: ""As you know, we are currently working with the so-called extension law for the budget, which could remain in effect, allowing us to work under it until the end of March."

Petkova further pointed out that, on the path to the Eurozone, Bulgaria does not currently meet the criterion for price stability, and by just 0.1 percentage points:

“Once we meet this criterion, as you know, the Minister of Finance is obliged to submit a request to the European Commission within 14 days for the preparation of the convergence reports.”

The Cabinet also approved today a programme to compensate non-household users for high electricity prices.

Zhecho Stankov – Minister of Energy: “The compensation is 100% above the value of 180 BGN per megawatt-hour up to the average exchange price on the Bulgarian Independent Energy Exchange. This guarantees the predictability of the energy price to the industry."

Photo by BTA

The Minister emphasised that sectors increasing the prices of essential goods and services, citing high electricity prices, will face the full severity of the law.

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