Bulgarian Parliament passes 2016 Budget at second reading

Bulgarian Parliament passes 2016 Budget at second reading

Sofia, December 3, 2015/Independent Balkan News Agency

Bulgarian MPs passed the 2016 Budget Act at second reading late on December 2, following a 13-hour sitting, during which the House also passed the 2015 Budget revision, which was included in the bill. The sitting followed another, slightly shorter special sitting on December 1, when the House passed the health and pension budgets, as well as the Budget’s macroeconomic framework.

The Budget deficit target in 2016 is set at two per cent of gross domestic product (GDP), while this year’s deficit is expected to rise to 3.3 per cent of GDP, exceeding the 2.9 per cent target set by the government. Economic growth next year is estimated at 2.1 per cent and the debt ceiling is increased to 22.6 billion leva, with the Cabinet allowed to borrow up to 5.3 billion leva next year.