Budget committee approves first set of fiscal rules amendments

Budget committee approves first set of fiscal rules amendments

Bulgaria's parliamentary budget committee approved on June 10 2011 the first reading of the amendments to the law on the structure of the country's state Budget, intended to set a limit of two per cent on the annual Budget deficit and 40 per cent on the Budget spending as a ratio of the gross domestic product (GDP).The changes also stipulate drafting a new mechanism for calculating the Budget balance to equalise it with the methodology of the European Union.The amendments already have the backing of the centre-right Blue Coalition.The approved changes represent the first part of the fiscal stability measures proposed by Finance Minister Simeon Dyankov. The package needs to win simple majority of 121 MPs to come into force.The second set of rules envisions amending the constitution, with each proposed change to direct taxation rates requiring a parliamentary majority of two thirds, or 160 MPs.During the parliamentary discussions, Dyankov said that if passed, the amendments would prove that Bulgaria was different from its neighbours which lack financial stability. (Source: The Sofia Echo)

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.