03.06.2014

"There are absolutely no reasons to spread the alarm about the execution of the budget. The performance of CFP revenues and grants at end-April is 30.5% of the annual plans, i.e. it is higher compared to the same period of last year when it accounted for almost 30.4% of the plans". This is what Minister of Finance Petar Chobanov says for Telegraph Daily in response to the speculative publications concerning revenue collection.

Revenues increase by BGN 165 million compared to those at end-April 2013, Minister Chobanov specifies. "The budget deficit is within the BGN 1.5 billion planned for the year, and at end-April it amounts to BGN 864 million", adds the Finance Minister. A big part of the deficit is due to the better absorption of EU funds, which increases expenditures by BGN 514 million, i.e. this is money for the business, hence for the people, but these funds will be reimbursed by Brussels, says Minister Chobanov.

As to government debt management, Minister Petar Chobanov is firm that "from end-May 2013 to end-2013 the debt increased by BGN 550 million" and there is no debt increase at accelerated rates. 

Finally, Minister Chobanov says that he expects "better performance of revenues in the second half of the year as a result of the work of the fiscal control unit and the reverse charge mechanism for goods at risk, with the level of non-refunded VAT being record low for the last 7 years, amounting to BGN 160 million at end-May".