site.btaAhead of Berlin Visit, Bulgarian PM Vows Spending Restraint

Bulgarian Prime Minister Rumen Radev said Monday that Bulgarian taxpayers would bear the cost of what he described as the excesses of the country’s oligarchic interests and previous administration, as his government prepares a stricter fiscal policy and reviews public-sector spending. Speaking to journalists before departing for a visit to Berlin, Radev criticized the former government for leaving behind "many unpaid bills" and for approving large advance payments on projects where no work had been carried out.

"All Bulgarians will pay for the excesses of the oligarchy and the previous administration," the Prime Minister said.

He said his Progressive Bulgaria party would remain committed to its stated principles by eliminating mechanisms that automatically increase salaries for elected officials. He added that the government would also review compensation in state-owned companies and public boards.

Details about the government's fiscal plans were made public earlier in the day by Deputy Prime Minister and Finance Minister Galab Donev.

"In times of restraint, politicians must be the first to set an example," he said.

During his visit to Berlin, Radev is scheduled to meet German Chancellor Friedrich Merz. The Bulgarian prime minister expressed confidence that the talks would strengthen cooperation between Bulgaria and Germany.

Radev also welcomed a recent decision by international credit rating agencies to improve the outlook for Bulgaria’s sovereign credit rating, calling it the first recognition of the new government’s policies.

According to the Prime Minister, the improved outlook reflects Bulgaria’s return to political stability and international confidence in the government’s plans for a "conservative and responsible" budget aimed at safeguarding economic growth.