31.08.2021

The central government debt^[1] as of end-July 2021 amounts to BGN 29,812.8 million, which is a decrease by BGN 323.6 million as compared to end-June 2021. Domestic debt amounts to BGN 5 958.8 million and external debt to BGN 23 ,854.0 million.

At the end of the reporting period the central government debt-to-gross domestic product (GDP) ratio^[2] is 23.9%, dropping by 0.3 pps compared to the previous month. The share of domestic debt is 4.8% and of external debt – 19.2%. As regards the subsector’s debt structure for July 2021, the share of domestic debt and of external debt is 20.0% and 80.0%, respectively.

As regards the debt structure by instruments, as of 31 July 2021 the main share continues to belong to bonds issued on international capital markets – 59.7%, followed by government loans – 21.5%, and government securities issued on the domestic market – 18.9%. As regards the interest structure of debt, the trend for predominance of debt with fixed interest rate (98.0%) is preserved; as regards the currency structure of debt, the debt instruments denominated in EUR and BGN continue to have a large relative share (99.7%). As regards the maturity structure of debt by original maturity, the debt instruments with maturity of over 10 years have the largest share – 66.2%, followed by those with maturity from 5 to 10 years – 30.0%, and those with maturity from 1 year to 5 years – 3.8%. As regards the structure by residual maturity, there is a balanced distribution of the forthcoming maturities – the payments up to 1 year account for 9.5%, those from 1 year to 5 years account for 33.6%, the payments from 5 to 10 years account for 29.5% and those over 10 years account for 27.4%.

As of 31 July 2021, central government guaranteed debt amounts to BGN 399.9 million. Domestic guarantees amount to BGN 69.2 million and external guarantees – to BGN 330.7 million. The central government guaranteed debt/GDP ratio is 0.3%.

According to the official register of government and government guaranteed debt kept by the Ministry of Finance on the grounds of Article 38(1) of the Government Debt Law, at end-July 2021 government debt reaches BGN 28,357.2 million, or 22.8% of GDP. Domestic debt amounts to BGN 5,637.1 million and external debt – to BGN 22,720.1 million. 

Government guaranteed debt amounts to BGN 1,823.9 million in July 2021, domestic guarantees amount to BGN 69.2 million, with the government guaranteed debt-to-GDP ratio being 1.5%.

The Bulletin is published in the Statistics Category/Central Government Debt and Guarantees Monthly Bulletin.

Note: In accordance with Article 36(3) of the Public Finance Law /in force as from 01.01.2014 SG, issue No 15 of 15.02.2013, amended SG, No 95 of 8.12.2015, amended and supplemented, SG, No 43 of 7.06.2016, SG, issue No 91 of 14.11.2017/, starting from June 2016, the Ministry of Finance publishes a Central Government Debt and Guarantees monthly bulletin. Information about the amount, structure and dynamics of government and government guaranteed debt/assumed under the procedure of the Government Debt Law/, as published in the Government Debt bulletin until May 2016, is included on page 11 of the new edition.

^[1] Central government debt is the debt of the central government pursuant to Council Regulation (EC) No 479/2009 of 25.05.2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. The list of the units included in the central government sub-sector in addition to government bodies and institutions as per the European System of National and Regional Accounts in the Community (ESA 2010) and the Eurostat Manual on Government Debt and Deficit (EC) can be found ^HERE.

^[2] Forecast data of the Ministry of Finance.