Simeon Djankov: No external debt bonds will be issued in 2013

“Bulgaria will not need to issue government bonds and seek external financing this year,” Finance Minister Simeon Djankov said on BNT, pointing out the fact that the fiscal reserve with which 2013 began amounted to around BGN 7 bn. Therefore, according to Djankov, this is the first year in which the Finance Minister is not worried about the Eurozone and the Euro thanks to the Eurozone Bank Supervision Deal reached in the EU and the imposed “golden rule” of budgetary discipline. Djankov reminded that, in January 2013, Bulgaria has to pay around BGN 1.7 bn under the so-called “Milen Velchev’s debt”.

According to Djankov, there will be a possibility for increasing some incomes in the country this year. The reason is that 2012 ended better than expected thanks to the overfulfilment of proceeds from taxes and customs duties.

“The last month of 2012 proved to be favourable for the Treasury. Trade was going on well and the Customs overfulfilled their planned proceeds by BGN 25 mln. The National Revenue Agency (NRA) received BGN 150 mln more than expected, showed recent data on the budget's implementation. Thus, Bulgaria will end the year with a deficit of about BGN 400 mln, which is 3 times less than the planned deficit of BGN 1.1 bn,” specified Djankov

Minister Djankov added that Brussels had already paid the money under EU projects, which Bulgaria was waiting for in December and which was the reason for Bulgarian retirees not to receiver additional money for Christmas. The Minister specified that the final instalment from Brussels was received on December 28, 2012 and that was why it could not be relied upon.

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