Bulgaria will have to raise 4.2 billion levs ($2.36 billion) in additional debt this year to finance an expected fiscal gap as it offers help to businesses and workers hit by the coronavirus pandemic, its finance minister said on Tuesday.
FILE PHOTO: Bulgaria's Finance Minister Vladislav Goranov and Croatia's Minister of Finance Zdravko Maric attend an European Union finance ministers meeting in Brussels, Belgium January 21, 2020. REUTERS/Johanna Geron
The center-right government revamped its fiscal plans late on Monday to run a fiscal deficit of 2.9% of economic output this year and raised the ceiling on new debt it can raise to 10 billion levs due to the pandemic. Before the pandemic, the poorest but also least indebted European Union member state, planned to run a balanced budget and raise up to 2.2 billion levs in new debt this year.
Bulgaria pegs its lev currency to the euro in a regime which significantly curtails the central bank’s monetary operations, leaving fiscal policy as the main tool to influence the economy.The government needs another 700 million levs to boost the capital of state-run Bulgarian Development Bank to provide loan guarantees to struggling businesses and people on unpaid leave.
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