Fri, May 25 2012

It's official: Bulgaria has a budget deficit

Thu, Aug 13 2009 10:40 CET

byDnevnik.bg

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It's official: Bulgaria has a budget deficit

Photo: Nadezhda Chipeva

In its last months of office in July 2009 the government of former prime minister Sergei Stanishev had accumulated a budget deficit of 556 million leva, widening the gap in public finances to 372 million leva by July.

Stanishev's coalition government has also used money from the fiscal reserve, which was reduced by more than 500 million leva to 7.7 billion leva at the end of July, from 8.2 billion leva as at June 30 2009.

The data was presented by the new Finance Minister Simeon Dyankov at a August 12 2009 news conference on the state of Bulgaria's public finances amid Stanishev's statements that his cabinet had left the country in a good financial state.

Dyankov said that the bulk of the money was splashed out during the last three months of Stanishev's cabinet. Dyankov is due to meet  Stanishev and former finance minister Plamen Oresharski to discuss what has led to these results at 2pm on August 13 2009.

So far only Oresharski has confirmed his presence. Talking to Dnevnik, Oresharski said he had set 3.9 billion leva in buffers in the budget and only an astrologer could predict the processes that will unfold this year.

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Anonymous Raptor Thu, Aug 13 2009 16:22 CET
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It was a pre-election spending spree that failed!


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