October 1, 2010

The Minister of Finance presented formally, on Oct. 1, 2010, the draft of Bulgaria’s State Budget Act for 2011 to the President of the National Assembly Tsetska Tsacheva. The ceremony was held in the presence of PM Boyko Borissov.

After the ceremony, Finance Minister Simeon Djankov told reporters that the next year’s Budget will be remembered for not raising taxes and keeping the same level of pensions and wages - something that many countries in Europe have failed to achieve.

He stressed that the basic parameters of the 2011 budget consist of more money allocated for infrastructure development, in order to boost economic growth and more resources in the social sphere. The Finance Minister noted that the 2011 budget previews BGN 400 M more for health care than the previous one and that the increased funds won’t be at the expense of a greater deficit.

Minister Djankov added that both this and next year would be difficult, but the country should follow the chosen path which has proven to be the correct one. He noted that the budget for 2011 was submitted toparliament earlier than in previous years so as to enable its faster debate and adoption and become available to all businesses and households in the country.