16.03.2013

\"The Ministry of Finance has one main objective and it is to maintain the macroeconomic, financial and fiscal stability. For the Ministry itself stability is achieved by implementing the budget\", Minister of Finance Kalin Hristov said in an interview for Capital daily. He emphasized that the budget adopted by Parliament had clearly defined parameters which meant that its revenue and expenditure side implementation had to be guaranteed. \"It is too early to say whether there are any potential risks for the budget implementation\", Minister Hristov noted. His opinion is that the overall risk comes from the weakness of the euro zone which determines our external demand. If the demand is low then there is potential the economic growth to be lower than expected. \"For the time being there is no definite indication that this would happen\", the Minister said.

The Finance Minister expects that within the framework of the adopted budget all line ministries will review the expenditure and see whether certain inefficiencies could be eliminated. According to him if as a result of that process savings are made then the saved resources could be redirected for spending in a more efficient way. Minister Hristov is positive that the provided for in the State Budget Law pension increase as of 1 April will happen.

The stability of institutions is among the tasks of the Government as it would allow them to work smoothly, the Minister noted. \"The change of power is stressful for any administration. All officials should work anxiety-free and be mobilized\", Minister Hristov assured.

The Minister of Finance reminded that the fiscal reserve level had a seasonal character both in the course of the year and in the course of a month. Therefore its present state was not worrying. \"Its dynamic is such that at the beginning of the year its lowers\", he added. The fiscal reserve is an important instrument but one should not make dramatic conclusions from one-off observations, Finance Minister Kalin Hristov emphasized.