Bulgaria's fiscal reserve drops by 35% ytd in February 2013.

By bne IntelliNews February 27, 2013
The fiscal reserve has dropped by BGN 2.07bn (EUR 1.06bn) or by 34% since the start of the year, according to information provided by Simeon Dyankov, ex-finance minister, during the meeting of the Consultative Council on National Security that was held on Tuesday, Feb 26. This is not a threat for the financial stability of the country, Dyankov said, confirming that the reserve will be supported by EU reimbursements expected later on this year. The level of the fiscal reserve has dropped to BGN 4.01bn in February, which is below the BGN 4.5bn legal floor. The significant use of funds from the reserve in the first two months of the year is due to debt repayment in January, which withdrew some BGN 1.9bn from fiscal reserve, and traditionally higher spending in the beginning of the year. The payment of BGN 840mn to agricultural producers in February also contributed to widening the gap in the fiscal reserve.

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