Financial Stability Pact of the Finance Minister needs 180 parliamentary votes in order to be approved

Lili Mircheva
Borislav Naumov

At least 180 MPs must vote for the adoption of the Financial Stability Pact proposed by the team of the Finance Minister, Simeon Djankov and for its entry in the Constitution of Bulgaria. Yesterday, the main measures were officially presented and Djankov, together with his Deputies Vladislav Goranov, Boryana Pencheva delivered explanations on the purpose of the draft pact.

The Financial Stability Pact contains three main measures relating to a reduction of the budget deficit to up to 3% of GDP and the redistributive role of the State to up to 37% of the estimated GDP, as well as introducing a change in direct taxes only by a qualified majority of MPs (two-thirds or 160 votes). In his words, the probable date for the entry into force of the Pact is January 1, 2013. Before it is adopted, no steps will be taken for Bulgaria's accession to ERM2, added he.

The proposals stipulated in the Financial Stability Pact, requiring a Constitutional amendment should be considered very thoroughly, commented for Klassa, the MP from MRF (Movement for Rights and Freedoms), Unal Lyutvi, but he failed to commit himself to speaking on behalf of his party. In his words, the Constitutional amendment is an important political act. I am not convinced whether the amendment to the Constitution is the most correct way to achieve fiscal stability, commented Lyutvi.

The Executive Bureau of BSP (Bulgarian Socialist Party), in turn, decided explicitly to oppose the so-called Financial Stability Pact or fiscal board, stated for Klassa the left-wing lawmaker, Georgi Kadiev. According to him, this is an ultra-repressive measure targeted not so much at the Bulgarian Government as at the Bulgarian economy. In case of financial need in a crisis situation, each government must dispose of enough resources, if it is required to spend funds. Besides, it must be able to allocate over 40% of GDP to boost the Bulgarian economy. If any disaster occurs, in his words, in order for the population to be aided, the entire Constitution must be amended.

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