Payment Arrears of Bulgarian Ministries to Businesses to Reach 400 million levs

Payment Arrears of Bulgarian Ministries to Businesses to Reach 400 million levs

The payment arrears of Bulgarian ministries to the business sector may reach the record rate of 400 million levs by end-2014, according to the Finance Ministry.
The data was published Tuesday after inspections of the Public Financial Inspection Agency and the internal audit units at the respective ministries.
According to the results of the audits of the implementation of the budget at all ministries, payment arrears of Bulgarian ministries to businesses stood at BGN 156.7 M by the end of July 2014.
In Q1, 2014 and Q2, 2014, Bulgarian ministries owed businesses BGN 150 M and BGN 176 M, respectively (the statistics does not include the debts of state-owned hospitals).
However, Bulgaria's Finance Ministry expects a significant increase in arrears over the next few months.
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