Budget revisionism

Budget revisionism

Bulgaria's Cabinet was set to table its Budget revision bill in Parliament in the first week of June, with Finance Minister Simeon Dyankov estimating that Parliamentary floor debates could be held as early as June 10.The draft has not been made public, but according to media leaks, it envisioned a 3.2 billion leva Budget deficit this year, the equivalent of 4.8 to five per cent of estimated gross domestic product.The revision became inevitable when the Cabinet's efforts to cut costs and balance the books without Parliamentary approval were rejected by the Constitutional Court in March. Despite being drafted as "balanced", the 2010 Budget will now have a large deficit caused by the revenue shortfall, as domestic consumption is expected to remain low and any economic recovery would be led by an increase in exports, which do not generate value-added tax, the Budget's single largest source of revenue.

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