site.btaPM Confident of Lowering Budget Deficit

Prime Minister Rumen Radev Friday said he was confident that Bulgaria would achieve a lower budget deficit. Speaking to reporters in Parliament, he said that most importantly, the 2026 Budget reveals the full picture of the country's finances, provides a solid foundation and introduces rules for financial discipline.

"I believe that with the necessary financial discipline, by tightening spending without stifling the economy, without disadvantaging all working people, without cutting social spending and without freezing pensions, we will continue to reduce the deficit," Radev said.

He said claims that current spending was being frozen were not true. "We have a significant increase for people with disabilities, pensions went up by 7.8%, and salaries by 5%," Radev added.

What is weighing on the deficit is accumulated outstanding payments, according to Radev. "When we talk about capital expenditure, I can tell you that these are obligations from previous governments that we now have to settle," he said, adding that some of them would continue to be paid in 2027.

Asked whether there had been an unofficial meeting between representatives of the European Commission and the Bulgarian government to prevent the opening of an excessive deficit procedure in exchange for a clear plan to reduce the deficit to 3%, Radev said there had been no such meetings. Finance Minister Galab Donev only takes part in official and transparent meetings, he added.