Bulgarian Parliament passes 2014 Budget revision at second reading

Bulgarian Parliament passes 2014 Budget revision at second reading

 

Bulgaria’s Parliament passed at second reading on November 26 the revision of the 2014 Budget Act, which envisions a sharp increase in the consolidated Budget deficit and higher borrowing limits for this year. In a separate motion earlier in the day, the MPs approved the transfer of 100 million leva to the National Health Insurance (NHIF).

The amended law pushed the consolidated Budget deficit up by 1.52 billion leva to 2.99 billion leva, raising the deficit target to 3.7 per cent of gross domestic product (GDP), which will still keep Bulgaria well above of EU’s three-per cent deficit guidelines and may prompt excessive deficit proceedings by the European Commission.