16.11.2011

Our main task for next year is becoming clearer. We must continue our present financial stability policy, stated in Parliament the Deputy Prime Minister and Minister of Finance at the opening of the debates on the first reading of the 2012 State Budget Bill. The Finance Minister added that we should act more conservatively even than the EC conservative autumn economic forecast.

Further avoiding any risks would allow us to limit the negative effects of the slow-down in Europe. We would achieve lower deficit while preserving direct taxes rates. The lower threshold of the fiscal reserve will be maintained at this and last year level - BGN 4.5 billion, stated the Minister of Finance to Members of Parliament.

The revenues planned amount to around BGN 29 billion or 35.2% of GDP which is an increase by around 1% in real terms compared to this year, added Simeon Djankov. As regards expenditure he clarified that although the overall expenditure level would be maintained, in 2012 more funds would be allocated to education, co-financing of EU programmes, science and culture.

Financial stability is already a corner stone of national security. This stability will become an increasingly important factor in Europe. We have to take this into account, Minister Djankov said in conclusion.

The full text of the speech you can find here.