Bulgarian government, led by Plamen Oresharski, will allocate some BGN 40mn (EUR 20.4mn) more than originally projected in social welfare in 2013, according to the breakdown of the additional funds the government is allowed to spend under the budget revision law adopted in August. The legislation increased total government expenses by BGN 286mn. This, coupled with a decrease of the projected 2013 total revenue by BGN 207.5mn raised the consolidated budget deficit to 2% of GDP, up from 1% of GDP before the revision.
The breakdown, which was published by the finance ministry on Sep 9, showed that the state will use some BGN 45mn of the extra funds to clear outstanding liabilities for provided services to the corporate sector. We remind that during the budget revision debates, finance minister Petar Chobanov said that the government plans to clear BGN 160mn worth of late payments to the business sector, emphasizing that this measure is part of the anti-cyclical fiscal policy of the current government.
Tobacco growers will receive a BGN 11.5mn subsidy and producers of fruits and vegetables will be allocated BGN 3.5mn. Some BGN 8mn will be spent on repair works of state-owned hospitals. The debt-ridden national power grid operator NEC will receive a BGN 85.6mn worth of financial aid. Furthermore, some BGN 30mn will be allocated for the digitalisation of the TV broadcasting in the country and close to BGN 40mn will be kept in the budget's reserve for urgent and unexpected expenses.
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more
A prosecutor from Bulgaria’s specialised anti-corruption unit has pressed extortion charges against deputy parliament speaker Veselin Mareshki, a ... more