30.06.2011

Parliament adopted the amendments to the Organic Budget Law

The National Assembly adopted the amendments to the Organic Budget Law pertaining to the proposed by the Ministry of Finance Financial Stability Pact. Thereby the budget deficit level is limited to 2% of projected GDP and the expenditure under the Consolidated Fiscal Program shall not exceed 40% of projected GDP.

Deputy Prime Minister and Minister of Finance Simeon Djankov emphasized that the amendments adopted had put Bulgaria in a favorable light internationally because the country had made clear provisions in its national legislation that enabled predictability of the fiscal policy. \"These rules are protecting us from unreasonable actions and ensure stable conditions for development\", the Finance Minister stressed before members of Parliament. The amendments will enter into force from 2012 and thus we are assuming clear responsibility for the fiscal policy we maintain, Djankov added. He recalled that the proposals had been consulted with all parliamentary political forces, with the social partners and independent experts and expressed his gratitude for the parliamentary support.