October 31, 2008


On October 31, 2008, at an official ceremony in parliament, the Minister of Finance, Plamen Oresharski delivered to the Chairman of the National Assembly Georgi Pirinski the 2009 Draft Budget of the Republic of Bulgaria.

Immediately after the ceremony, Mr. Pirinski signed the order distributing the draft budget to the parliamentary Budget and Finance Committee in charge of preparing the report introducing the bill in parliament for further discussions, as well as to the other committees expected to present their positions.

Mr. Pirinski and the Finance Minister Oresharski made statements for the media.
Minister Oresharski stated that he feels contended to present the state draft budget for the next fiscal year on time. He also mentioned the deepening of the global financial crisis, which started with the mortgage crunch in the USA and was now spreading over many countries in Europe. He said that the crisis is raising a lot of fears and doubts regarding the economic development of Bulgaria in the following months and year. He added that the Ministry was confronted with the challenges to make certain corrections and introduce in the Budget some safety measures for the Bulgarian economy, in order for the latter to deal with the uncertainties and the unpredictability coming mostly from outward.
According to him the government was not so much concerned about the financial system, as much as about the difficulties for crediting the business and the decreasing amount of foreign investments in the country and the slowing economic growth. He emphasized that together with the measures foreseen in the budget itself, the government is working on a package of measures to minimize the effects of the crisis.

He added that the 2009 budget follows the policies of the government of the last years, towards reducing the fiscal burden and creating positive economic growth and favorable business climate, and particularly on creating reliable social networks and defense for all citizens. In conclusion, he wished the Budget to be implemented as drafted.