The surplus has proved less redundant

Budget deficit in June was 382 millionleva, a total of six months of accumulated surplus melt by 173 million leva.
In late May surplus was 555 million leva.
Bulgaria has completed the first half of 2009 with an excess of revenue over expenditure in the consolidated budget about 0.3 percent of GDP. This analysis of more fiscal performance to June 30, 2009, which was presented to journalists today naposlednata press conference the Minister of Finance Plamen Oresharski retired, BTA forward.
Budget balance is positive – about 173 million euro fiscal reserves to the July 17, 2009 for operational data is approximately EUR 8.2 billion to the fiscal reserve in August 2005, when he was elected Government went in was a little below the 4.5 billion euro, the Minister also recalled.
For this period we settled early government debt amounted to 2.3 billion euro, informs BTA. Bulgaria has paid in full its obligations to the IMF amounted to about 1 billion euro, and some of its debts to the World Bank – about 900 million leva Early we paid and debts to creditors – Japan, Italy, Netherlands for about 100 million leva, and at the end of last year, taking advantage of low prices of the Bulgarian foreign debt, we redeemed bonds below the cost for 290 million euro, said Finance Minister.
A comparison that most EU member states proceeds in the first months of the year, lagging behind by 10-15% compared to last year, and in some cases to 20%, BGNES forward.
The analysis of the Ministry of Finance indicate that the estimated EC 27 of the EU countries, 20 will end the year with more than three percent deficit, but expected „unseen in recent years imbalances in the fiscal stance.
Each forecast is risky, said Plamen Oresharski under which the main objectives that the Government has put the time of its administration are met. Oresharski mention that 130 years from creation of the Bulgarian National Bank, the country has never achieved during this term, 3 percent budget surplus.
Despite fears to make predictions at this stage the Minister said that the zero budget balance would be acceptable to the end of 2009 however, he assumed that in all likelihood, you will need the next government to further reduce budget expenditures. Oresharski believes that the level of fiscal reserves is a good buffer if it is not allowed serious budget deficits amounting to 3%. According to the Minister, the deficit can be financed at the expense of the accumulated reserve, rather than government securities issues.

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Finance