Government seeks to curb current and next year’s budget deficits

The 2027 budget procedure has begun, and the process is moving forward under very tight deadlines in order to present the overall parameters to the European Commission by October 15, Deputy Prime Minister and Minister of Finance Galab Donev said. “The deficit forecast for next year was 3.8%, and we are doing everything possible to bring it down in line with the Maastricht criteria”, Galab Donev assured.

In response to a question from the Bulgarian National Radio, Galab Donev confirmed that another external debt issuance will take place by the end of the year, with the Ministry of Finance doing everything possible to keep the annual deficit below the 5.7% of GDP projected in the budget.

“We did not raise the full amount of debt approved by Parliament. So far, we have raised the debt needed to make payments under the Recovery and Resilience Plan, so we will need to return to the market with another external debt issuance”, the Deputy Prime Minister explained.

Edited by Ivo Ivanov

Translated by Kostadin Atanasov