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Bulgaria: The budget has serious structural problems

Serious structural problems in the state budget have been revealed by interim Finance Minister Asen Vassilev, the BNR reported. “Money needs to be withdrawn from a variety of countries in order to fund ongoing health care needs, the rehabilitation business, and to support retirees,” Vassilev told a news conference. He announced that currently over BGN 1,164 million (EUR 595 million) have been spent from the state budget, EUR 810 million (EUR 414 million) of which for contingencies, including contingencies for churches.

Business support measures will be introduced next week, he said.

Meeting of the Minister of Economy with the big borrowers of loans from BDB fails

The meeting scheduled for today between Economy Minister Kiril Petkov and the eight largest borrowers of loans from the Bulgarian Development Bank (BDB) did not take place as none of the companies invited by Petkov appeared. The minister said six of them had sent written responses stating that they were repaying their loans regularly. No response was received from Blagoevgrad BT and Transpect AD.

Yesterday, Petkov’s meeting with the bank’s Supervisory Board failed after only Chairman Stamen Yanev appeared.

Petkov reported that there were signals from small and medium-sized enterprises about the refusals of loans to them by the BDB, although the main focus of the bank’s activities is support for small and medium-sized enterprises.

The Minister announced that as of today the Bulgarian Development Bank will no longer provide loans larger than BGN 5 million (EUR 2.5 million).ibna

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