site.btaFinance Minister Expects that Planned State Budget Revenues Will Be Collected, But Only Just

The Finance Ministry will be able to collect the planned state budget revenues by the end of this year, but no overperformance is expected, caretaker Finance Minister Rositza Velkova told BTA in what was her first media interview after taking office on August 2.

Velkova noted that it will take maximum effort from the National Revenue Agency and the Customs Agency to implement the revenue side of the state budget.

By the end of July, Bulgaria had a state budget surplus of BGN 1.5 billion. "Performance is very good, but we should note that the July figures do not take into account the effective tax cuts adopted with the latest budget revision. The effect of the cuts will be felt in August," Velkova said. She added that the budget revision also entailed an increase in labour costs, which will be effected in August at double the approved rate.

Velkova also discussed inflation and GDP dynamics, the preparations for Bulgaria's planned Eurozone entry, the work on the state budget for 2023 and future debt issuance.

The full text of the interview will be posted on BTA's website on Monday.