24.01.2025

“Bulgaria’s accession to the euro area remains a top priority for the Ministry of Finance and we continue working hard to achieve this. We have withdrawn the 2025 budget prepared by the caretaker government and will present a new draft for 2025 by mid-February. Our commitment is that it will set a deficit of up to 3% of GDP, as foreseen by the Public Finance Law and required by the Maastricht criteria. The Ministry is analysing revenues and expenditures and we are developing measures to cut the current deficit of BGN 18 billion”. This is what the Minister of Finance Temenuzhka Petkova said during a meeting with the European Commissioner for Start-ups, Research and Innovation Ekaterina Zaharieva.

Minister Petkova announced that Bulgaria would also present its National Medium-Term Fiscal and Structural Plan to the European Commission by the end of February. The document presents the policy vision on the sustainability of public finances and key reforms and investments until 2028.

“The European Commission welcomes with enthusiasm the formation of a regular government in Bulgaria and assesses the country’s progress towards the euro area”, Commissioner Zaharieva confirmed during the meeting.

The Finance Minister and the Commissioner also discussed topical issues related to the economic challenges facing the European Union, as well as those in the area of security. They discussed opportunities for improving the business environment and competitiveness. 

Commissioner Zaharieva pointed out that investment in innovation and start-ups was a prerequisite for high added value and economic growth both in Bulgaria and in Europe. They would therefore be a focus of the European Commission in the coming years. She explained that work on proposals to reduce the administrative burden on business, including in the area of high-risk technology innovative companiesq was in progress. “To unlock the potential for investment, we need to reduce the cost of risk”, Ms. Zaharieva was adamant.

The Commissioner said that the EU’s average level of public and private investment in innovation was at a good level. She called for more active participation on behalf of the Bulgarian universities and scientific organisations to apply for the Horizon Europe programme.