28.04.2023

The central government debt^[1] amounts to BGN 37,899.0 million as of end-March 2022, registering a decrease by BGN 2,112.1 million as compared to end-February 2023 mainly due to a maturing issue of Eurobonds from 2016. Domestic debt amounts to BGN 11 117.6 million and external debt to BGN 26,781.4 million.  

At the end of the reporting period the central government debt-to-gross domestic product (GDP) ratio^[2] is 20.5%, with the share of domestic debt being 6.0% and of external debt – 14.5%. As regards the subsector’s debt structure, the share of domestic and external debt for March 2023 is 29.3% and 70.7%, respectively.   

As regards the debt structure by instruments, as of 31 March 2023, the main share continues to belong to bonds issued on international capital markets – 53.8%, followed by government securities issued on the domestic market – 28.4%, and by government loans – 17.8%. As regards the interest structure of debt, the trend for predominance of fixed interest rate debt (98.4%) is preserved; as regards the currency structure of debt, EUR- and BGN-denominated debt instruments continue to have a large relative share (99.9%). As regards the maturity structure of debt by original maturity, the debt instruments with maturity of over 10 years form the largest share – 59.3%, followed by those with maturity from 5 to 10 years – 30.0%, and those with maturity from 1 year to 5 years – 10.7%. As regards the structure by residual maturity, the payments up to 1 year account for 1.8%, those from 1 year to 5 years account for 38.5%, the payments from 5 to 10 years account for 33.6% and those over 10 years account for 26.1%.

As of 31 March 2023, central government guaranteed debt amounts to BGN 602.7 million. Domestic guarantees amount to BGN 61.5 million and external guarantees – to BGN 541.2 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-March 2023 government debt reaches BGN 36,804.4 million, or 19.9% of GDP. Domestic debt amounts to BGN 10,965.4 million and external debt – to BGN 25,839.0 million.   

Government guaranteed debt amounts to BGN 1,692.9 million in March 2023, domestic guarantees amount to BGN 61.5 million, with the government guaranteed debt-to-GDP ratio being 0.9%. 

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 Annex 4 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.