site.btaInstitute for Analysis and Forecasting Is Established Under Finance Minister

The government adopted a decree on the establishment of the Institute for Analyses and Forecasts at the Ministry of Finance and the adoption of its rules of procedure, the Council of Ministers announced Wednesday. The reason for its establishment is the lack of a specialized administrative structure in the system of the Ministry of Finance, which would perform the functions of a single centre for the preparation of strategic micro- and macroeconomic analyses in various thematic areas, as well as for the development of forecasts, mathematical and statistical models with an applied and practical focus.

The Institute will be headed and represented by a Director, who will be a sub-budget holder under the budget of the Ministry of Finance and will be appointed and dismissed by the Minister of Finance. Among the main functions of the Institute will be the preparation of analyses on thematic areas, including fiscal policy, economic situation, labour market, etc. The Institute will also work to build and improve models for analyzing and forecasting Bulgarian economic development, to optimize the use of resources, including financial resources, by beneficiaries of public funds. It will also be involved in compiling and updating the medium-term budget forecast; in developing forecasts on the development of key micro- and macroeconomic indicators for the macroeconomic framework of the state budget, as well as in analytical support for the process of preparing and updating the country's credit rating.