Businesses suggest further measures for financial stability

The meetings of Finance Minister Simeon Djankov with various organisations aimed at receiving broad public support for the Financial Stability Pact continued yesterday. Djankov was backed by experts from the Bulgarian Industrial Capital Association (BICA) but they suggested that the budget deficit should be limited to 2% of GDP rather than 3%.

"This measure brings us closer to the Eurozone," said BICA President, Vassil Velev. “We also approve of the redistributed share of GDP through the budget to reach up to 37% because, in this way, the State will earmark more money for businesses and households. At the same time, this is a measure which will limit corruption.”

“Reducing the budget deficit should not be done at the expense of unpaid debts to companies,” warned business representatives at their meeting with the Minister. The detained VAT and unpaid orders are not a reliable basis for the establishment of financial stability. BICA managers called on the Bulgarian Government to accelerate the implementation of the EU's Late Payment Directive. The experts from the employers' organisation believe that the country has substantial reserves for reducing public spending, accelerating the introduction of an e-government and reforming the public sector.

Big companies insisted on the introduction of amendments to the Law on the Silver Fund, allowing the funds from it to be invested in Bulgaria. “The low direct taxes are an important factor for our competitiveness and a qualified majority must be sought for their adjustment.”
"We speak the same language as Djankov,” noted the President of the Union for Economic Initiative and alleged leader of the Octopus criminal group Alexey Petrov after meeting the Finance Minister, posted BNews. bg He promised further common initiatives.

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