Parliament Passes 2013 Budget Bill on First Reading

Parliament Passes 2013 Budget Bill on First Reading

Bulgaria's parliament approved on first reading the budget bill for 2013 after nearly six hours of debate.

The bill was backed by the MPs of the ruling party GERB and independent MPs, as Coalition for Bulgaria, the Movement for Rights and Freedoms, the Blue Coalition and Ataka voted against, state-run Bulgarian News Agency (BTA) reported.

Next year's budget will focus on sustaining the fiscal consolidation policy, prioritizing expenses for sectors which drive economic growth as well as reducing poverty and protecting the most disadvantaged population, BTA cited finance minister Simeon Dyankov as saying.

The budget deficit is set at 1.1 billion levs ($716 million/562 million euro), which is equivalent to 1.3% of the projected gross domestic product (GDP), almost unchanged from the 1.35% gap planned for 2012.

Revenue is budgeted at 30.59 billion levs, or 37.5% of the projected GDP, while expenditures are estimated at 31.69 billion levs, or 38.9% of the GDP.

The budget debt ceiling is set at 14.6 billion levs, or 17.8% of GDP.

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.