Bulgaria’s 2027 state budget to be discussed with EC representatives

The government is preparing measures to increase revenues and curb spending, with an expected overall budget impact of around EUR 2.2 billion, including EUR 750 million in savings from expenditure cuts, Minister of Finance Galab Donev told Nova TV.

According to Galab Donev, the budget deficit cannot be addressed through additional revenues alone. The Ministry of Finance is reviewing all expenditures, starting with capital projects, and is preparing to restructure inefficient units within the state administration.

• Finance Ministry proposes 33% windfall tax on banks and major businesses
• Government seeks to curb current and next year’s budget deficits

Regarding the windfall tax on banks’ excess profits, Donev said that he and the ministry’s experts do not expect the tax to lead to higher lending rates. According to his figures, banks’ profits have increased by 588% over the past five years.

Minister Donev assured that the statutory deadlines for preparing the 2027 budget would be met. On October 5 and 6, representatives of the European Commission will be in Bulgaria to discuss the budget parameters.

Edited by Ivo Ivanov

Translated by Kostadin Atanasov