PM Radev: There Is No Money Left in the Treasury,; We Will Work to Increase Revenue Collection and Curb Spending

“There is no money in the state treasury.” Prime Minister Rumen Radev made the statement to journalists in Shumen on June 15, adding that a regular state budget is expected to be presented by the end of the month.

“The situation is very complex. There is no money in the treasury. All accounting tricks have already been exhausted by previous governments and can no longer be applied. We are working very seriously in two directions – increasing revenue collection through a number of measures, which you will hear about when the budget is presented, and reducing expenditure.”

The Prime Minister stressed that work on the budget is being carried out almost around the clock.

“The situation is extremely difficult. Work on the budget is taking place virtually 24 hours a day. All possible options are being explored so that the deficit can be reduced and the amount of new debt required kept to a minimum.”

Commenting on the announced peace agreement between Iran and the United States, Radev said:

“I expect common sense to prevail, because this conflict has a negative impact not only on security, but also on the economy of the whole of Europe and the wider world.”

Radev also responded to criticism from GERB leader Boyko Borisov, who claimed that renegotiating the agreement with Botas carries the risk of making Bulgaria even more dependent in the energy sector.

“Everything Borisov says seems somehow to be in tune with the rumours about the black panther that was allegedly roaming around Shumen, yet nobody ever saw it and nobody ever heard it.”

Prime Minister Rumen Radev was in Shumen to attend the official ceremony marking the opening of new production facilities at the Alcomet plant.

Earlier this month, Radev met representatives of employers’ organisations in an effort to identify practical solutions to current economic challenges. During the discussions, the Prime Minister said that the competitiveness of the Bulgarian economy is of key importance for the country’s sustainable development and that the Bulgarian government remains open to dialogue. He also emphasised that Bulgaria will insist that funding under the new Competitiveness Fund should reach less developed Member States as well, in order to prevent the industrial and technological gap within Europe from widening further.