08.10.2024

The Deputy Prime Minister and Minister of Finance Ms. Lyudmila Petkova represented Bulgaria at the regular meeting of the Economic and Financial Affairs Council (ECOFIN) which took place in Luxembourg. At the meeting, Council members discussed the implementation of the Recovery and Resilience Facility and approved the modifications to the Recovery and Resilience Plans of Lithuania and Portugal.

The ministers held a discussion on the economic and financial impact of Russia’s aggression against Ukraine. Bulgaria welcomes the package of legislative proposals which ensures the joint financial participation of the G7 and EU member states in equitable risk-sharing, as well as in sharing political responsibility. Minister Petkova stressed that the structure of the future loan should allow Ukraine to use the funds where the country’s needs are most pressing, whether military or contributing to the recovery of strategic sectors, reconstruction and future development. Finally, she called on Member States to stick to a constructive approach in the process of approval of the Package.

The ministers also discussed the lessons learned and the experience gained during the 2024 cycle of the European Semester.

The Council approved the EU terms of reference and IMFC Statement in view of the G20 finance ministers and central bank governors meeting on 23-24 October 2024 and the IMF annual meetings, as well as the Council's conclusions ahead of the United Nations framework convention on climate change (UNFCCC) from 11 to 22 November 2024.