Finmin Djankov: Some incomes will increase in 2013
(Sofia, Jan 5) - "The Financial 2012 finished better than expected," Bulgaria's Finmin Simeon Djankov commented for the Bulgarian National Television (BNT).
"Due to overfulfilment of the revenues by the National Revenue agency and Customs agency, the budget deficit for 2012 is by 3 times less than planned and this will allow an additional increase of some of the incomes in 2013," Mr Djankov stated.
At this stage Finmin Djankov...
NPP Kozloduy to Sell Electricity Abroad without Intermediaries
(Sofia Jan 5, 2013) - The management of Bulgaria's NPP Kozloduy will apply to the State Energy and Waters Regulatory Commission for a full license to sell its electricity to end-users abroad, NPP Kozloduy CEO Valentin Nikolov said.
Presently, NPP Kozloduy uses intermediary companies to sell its output to end-users in several EU member states, including Germany and Austria.
"At the beginning of next week I am going to...
Bulgaria to Pay EUR 879 M on Foreign Debt in 10 Days
The next bonds maturity dates are in 2015 and 2017
(Sofia, Jan 5, 2012) - EUR 879,849,875 ? this is the sum that Bulgaria is to pay on its foreign debt on January 15th, 2013, the finance ministry said.
Thus, Bulgaria will fully pay off the emission of Eurobonds with a 7.5-percent interest, emitted in 2002 by Milen Velchev, finance minister in the Saxe-Coburg-Gotha-led Cabinet.
So as to pay off this loan, the Bulgarian...
Nearly BGN four million have been wired Friday for salaries of workers at Bulgaria's State-owned arms manufacturer, VMZ Sopot.
The news was announced by Prime Minister, Boyko Borisov, at an emergency briefing at the Council of Ministries building. He declared the workers will receive the entire amount of their overdue pay.
It was further reported that Borisov is meeting Friday with the Presidents of the two main trade unions in the country – Konstantin Trenchev of the Confederation of...
Czech-owned power utility CEZ has always strictly adhered to Bulgarian legislation and the normative acts of the European Union, the company says in a press release.
According to its press office, for the electric power distributor, part of CEZ Bulgaria Group, obeying the law, including tax law, was a guiding principle that should not even be commented on.
The statement comes on the heels of news that the prosecution in Bulgaria has requested the revocation of the company's license over...
The Bulgarian Constitution will be amended by June to enforce the provisions of the new Financial Stability Pact, announced PM Boyko Borisov Sunday.
"I hope for the support of all political parties to the Financial Stability Pact, which will turn Bulgaria into a respected and highly trustworthy state," said Borisov in an interview for Nova TV.
The so-called Pact, envisioned by Minister of Finance Simeon Djankov includes three main pillars, to be enforced by constitutional and legislative...
Bulgaria's government has moved a step closer to packing together its stakes at the stock exchange and the depository in a bid to sweeten the deal for the bourse privatization.
The central bank announced on Thursday it has decided to transfer its 20% stake in the central depository to the finance ministry.
The two thousand shares will be purchased at their nominal value of BGN 100 apiece.
Following the acquisition of the central bank stake, the Finance Ministry will hold a 44.9% stake...
The Bulgarian Finance Ministry has reassured a senior delegation of the World Bank of the country's economic prospects in the context of the Partnership Strategy between Bulgaria and the international financial institution.
Peter Harold, Director for Central Europe and the Baltic at the World Bank, was welcomed in Sofia Friday by Deputy Finance Minister Boryana Pencheva.
The two delegations' talks focused on the schedule of the Bulgaria-World Bank Parnership Strategy in light of the...
Moody's Investors Service is currently reviewing Bulgaria's credit rating and is likely to boost it, the credit agency says in a regular report cited by the Bulgarian Finance Ministry.
Bulgaria currently has a Moody's credit rating of Baa3, the same as Romania, Hungary, Croatia, and Latvia; on April 5, Moody's placed Bulgaria's Baa3 sovereign rating "on review for possible upgrade".
The Bulgarian Finance Ministry stresses that this grade "reflects Bulgaria's stable state finances and the...
Bulgarians will work to pay their taxes until May 4, 2011, according to a publication of the Institute for Market Economy.
The so-called "Tax Freedom Day" is a symbolic date when employees stop working for the State treasury and begin earning for themselves.
In Bulgaria, this day traditionally falls in May, and its earlier arrival in the last three years is attributed to the economic crisis and the wider budget gap i.e. the State seemingly takes less, but continues to spent as before by...
The decision of Bulgaria's government to pack together its stakes at the stock exchange and the depository has sweetened the deal for the bourse, its executive director argues.
"Such bundling will sweeten the deal and will ensure that the new owner will have the freedom to define its own policy on both trading and post-trading level," Ivan Takev, CEO of the Bulgarian Stock Exchange – Sofia, said in an interview for Novinite.com.
Takev voiced confidence that Bulgaria's stock exchange,...
The ten Bulgarians who have declared the highest income for 2010 will pay BGN 4.5 M in taxes, the National Revenue Agency, NRA, announced Monday.
The data comes from the already processed personal income tax declarations across the entire country.
The amount of the income of the top 10 earners, after deductions, is BGN 46.4 M.
The 10 wealthiest Bulgarians work in the area of financial trading, consulting and legal services.
Most of them have used the 5% rebate offered by NRA to...
Bulgaria's General Government Sector reported in 2010 a government deficit of BGN 2 269,2 M or 3,2 % of GDP, according to National Statistical Institute's preliminary data.
The main part of the deficit is formed by the Central Government sub-sector, amounting to BGN 1 710.6 M - 2.4% of GDP, followed by the Social Security Funds sub-sector - 806.8 million BGN or 1.1% of GDP. The Local Government sub-sector reported a surplus of BGN 248.3 M or 0.4% of GDP.
The Government Debt of Bulgaria...
A mission of the International Monetary Fund will visit Bulgaria's capital Sofia during the period May 10-20, 2011 to hold regular bilateral discussions on economic policies with the Bulgarian authorities, the fund announced.
This is part of the IMF's surveillance under Article IV of the IMF's Articles of Agreement. The mission will be headed by Mrs. Catriona Purfield.
"The mission will meet with officials from the Ministry of Finance, the Bulgarian National Bank, other government...
Bulgaria’s Finance Ministry has unveiled a set of moderately optimistic projections for the financial and economic development of the country in 2011, and in the 2012-2014 period.
Thus, the government expects a gradual decrease of the unemployment rate to start in the second half of the year, with 2011 bringing a stabilization of the labor market after the negative developments in 2009 and 2010 caused by the economic crisis.
The average 2011 unemployment rate is expected to be 10%, and...
Bulgaria registered a miniature budget surplus in March after substantial deficits in the first two months of the year, according to preliminary data of the Finance Ministry.
Thus, in March 2011, the monthly balance of the Consolidated Fiscal Program of the government showed a surplus of BGN 8.6 M.
This result comes as a marked improvement after Bulgaria registered a deficit of BGN 750 M on cash basis in the first two months of 2011, or BGN 100 M more than Finance Minister Simeon...
Bulgaria's government has assured fiscal indicators look good in terms of euro-adoption criteria, although entry into the euro zone is no longer dubbed top priority.
"Our indicators look good in terms of the euro-adoption criteria," Deputy Finance Minister Boryana Pencheva said in an interview for Bloomberg agency.
According to her efforts to adopt the euro will get a boost from joining Europe's Competitiveness Pact.
"The program ensures we work toward meeting all of the technical...
Bulgaria's Cabinet has approved its budget forecast for 2012-2014 which stipulates a gradual reduction of the budget deficit while ruling out tax increases.
According to the Finance Ministry, budget forecast, which was adopted by the government together with a strategy for the management of the public debt, lays out the fiscal goals for by accounting for the macroeconomic challenges before Bulgaria and the planned reforms.
It points out that the 2012-2014 forecast provides for a fiscal...
Bulgaria's economy will grow 3% in 2011, according to the biennial World Economic Outlook report released by the International Monetary Fund Monday.
Thus, the IMF forecast for the Bulgarian economy in 2011 is below the 3.6% growth projected by the Bulgarian government in its 2011 budget.
The Fund has actually upgraded its 2011 economic growth project for Bulgaria, which used to be at 2.6%. IMF data also shows that in 2010 the Bulgarian economy grew by 0.2%.
The IMF expectations for the...
Moody's Investors Service said on Tuesday it has placed Bulgaria's Baa3 government rating on review for possible upgrade, reflecting its healthy government finances and ongoing improvements in institutional strength.
The outlook had been positive since January 2010.
The move comes thanks to the government's strong balance sheet, a prudent budget reserve and expectations it will bring its deficit below the European Union's 3% limit, Moody's said.
Moody's on Tuesday said a key focus of...
Strict rules ensuring financial stability do not limit politicians but discipline them, Bulgaria's Deputy Prime Minister and Finance Minister, Simeon Djankov, said during his public lecture at Harvard University in the US.
Djankov stressed the need of principles for fiscal discipline, backed by the law during his lecture at the Harvard Kennedy School of Government, as cited by the press service of the Bulgarian Finance Ministry.
The Bulgarian Finance Minister has used the opportunity to...
Bulgaria registered a monthly budget deficit of BGN 477.3 M on cash basis in January 2011, according to latest data of the Finance Ministry.
The monthly deficit was formed by putting together the deficit of BGN 394.7 M from the consolidated fiscal program of the state budget, and a deficit of BGN 82.6 M in Bulgaria's EU-transactions (i.e. its contribution to the EU budget vs. the absorbed EU funds.)
The BGN 477.3 M deficit in January 2011 is still a minor improvement on an annual basis as...
Major international banks have submitted notifications of intent to work in Bulgaria to the Bulgarian National Bank.
A total of 190 credit institutions have expressed interest in entering the Bulgarian market, according to the 24 Chasa daily; 18 of them, including 16 banks, have already notified the BNB that they want to operate in Bulgaria.
The list of major international credit institutions considering the Bulgarian market includes JP Morgan, Goldman Sachs Europe, Barclays Bank,...
Bulgaria's government decided on Wednesday to waive USD 6.3 M or 77% of Zimbabwean debt, which has not been serviced in the past 20 years.
The remainder of Zimbabwe's debt – a total of USD1.886 M will be paid in four installments within one year, the Sofia-based cabinet said.
Should the Zimbabwean government fail to fulfill its obligation under the agreement, it will be obliged to pay the debt in full in one installment in the framework of sixty days.
Zimbabwe's USD 8.2 M debt piled up...
Bulgaria's Finance Minister Simeon Djankov plans to dedicate all of his efforts to the passing of Constitution amendment guaranteeing stable state finances, known as the "Financial Stability Pact."
The measures termed "Financial Stability Pact" were first announced by Djankov on February 8 at a lecture at the New Bulgarian University in Sofia following the US tradition in which crucial policy speeches are delivered at academic institutions.
On Tuesday, Djankov and his two deputies...