Outgoing Cabinet Approves Changes to Silver Fund Investment Programme

The outgoing government held its first meeting for 2026, during which a total of 18 items were discussed and approved.

In a key decision, the Cabinet adopted the long-term investment policy of the State Fund for Guaranteeing the Sustainability of the State Pension System (the so-called Silver Fund) and the medium-term strategy for investing its resources for the period 2026–2028.

Both documents, approved by the Fund’s Management Board, maintain the conservative approach previously applied to asset management, in line with principles of reliability, liquidity, and transparency.

“This ensures that the negative effects and manifestations of volatility in international capital markets are minimised. It aligns with the current market environment and avoids the risk of reducing the Fund’s assets, which would be unacceptable given its core function. The best option for investing the Silver Fund’s resources remains their deposit in a separate account at the Bulgarian National Bank or in other instruments via accounts at the Bank, as has been the practice to date,” the Council of Ministers said.

The ministers also approved changes to the composition of the Fund’s Management Board.

Additionally, amendments were made to fees collected under the State Property Act and to regulations governing the management of protected areas.