Government and government guaranteed debt, assumed under the Government Debt Act
Information about the amount, structure and dynamics of government and government guaranteed debt, assumed under the Government Debt Act
All financial obligations, undertaken on behalf and for the account of the government in compliance with the Constitution, shall constitute government debt, and shall represent a liability of the government according to the provisions of Art. 2 of the Government Debt Act[1].
The assumption of government debt, acc. the provisions of Art. 4 of the Government Debt Act, shall be undertaken through:
- issues of government securities;
- government loan agreements.
Government guaranteed debt is all financial obligations, for which the Council of Ministers has issued guarantees on behalf and for the account of the government in compliance with the requirements of the Constitution, acc. the provisions of Art. 18 of the Government Debt Act.
Issuance of a government guarantee, acc. §1, item 3 of Supplementary Provisions of the Government Debt Act, shall be:
- the conclusion of a guarantee agreement to loan agreements;
- the undertaking of guarantee obligations in loan agreements;
- the issuance of a letter of guarantee in connection with loan agreements;
- the undertaking of guarantee obligations in an issue of securities.
The source of the published information is the Official Register of government and government guaranteed debt kept by the Ministry of Finance on the grounds of Art. 38 (1) of the Government Debt Act, as it is updated on an annual basis.
Under Art. 3 of the Government Debt Act where the government debt is revalued in Bulgarian leva, obligations denominated in foreign currency shall be translated at the exchange rate of the Bulgarian National Bank as of the date of revaluation.
Information about government and government guaranteed debt is published in the Central Government Debt and Guarantees Monthly Bulletin[2], Appendix 4.
[1] Government Debt Act, Promulgated, State Gazette No. 93/1.10.2002, last updated SG No. 51/1.07.2022