Банкеръ Weekly

Briefs

BUDGET EXPENSES TO BE PLANNED FOR THREE YEARS

Concurrently with approving the budget forecast the Council of Ministers will be confirming as well the expenditure limits for state-run institutions for three successive years, an amendment to the State Budget Structure Act, passed at the first session on August 18 of Premier Sergey Stanishev's Cabinet stipulates. Until now the budget forecast (including an analysis of the main macroeconomic parameters) was also made for a period of 36 months, but the concrete ceilings for expenses of the so-called primary disposers used to be voted each year. The idea for the novelty was launched soon after the elections by the already former finance minister Milen Velchev and was accepted positively by all political forces. Moreover, that Bulgaria has undertaken such a commitment in the pre-accession negotiations with the European Commission.Another draft amendment to the same law stipulates that on the proposal of the finance minister the Council of Ministers will be able to approve annually additional budget credits amounting to 1.5% of the forecast gross domestic product. The changes in the above-mentioned legislative act will be moved to Parliament for approval as soon as possible and will be probably discussed together with the package of tax laws for next year.

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