The planned deficit for 2013 amounts to over BGN 800 mln

The planned budget deficit for 2013 is projected to amount to BGN 802.6 mln and will be covered through internal financing. This was decided by lawmakers at second reading on the parameters of the 2013 Budget Law. Next year's budget revenues will amount to more than BGN 18.41 bn and costs - to about BGN 19.21 bn. The EU's contribution to the common budget will amount to BGN 908 mln. The major part of the budget revenues - BGN 16.64 bn - is expected to be provided through the corporate tax.

MPs voted that costs of the Administration of the President in the coming year will amount to BGN 6.33 mln, while those of the Council of Ministers - to BGN 72.6 mln. Ministries, the spending of which will exceed BGN 1 mln in 2013, will be the MIA (BGN 1.31 bn) and the Ministry of Defence (BGN 1.08 bn). The Social Ministry's spending will amount to nearly BGN 1 bn.

The budget also provides a nearly BGN 120 mln reserve for so-called "unexpected and urgent expenditures", which will be spent at the discretion of the Government. About BGN 70 mln of these will be allocated for preventing or overcoming natural disasters.

Lawmakers voted that, in 2013, the maximum amount of new debt should not exceed BGN 2 bn, and, at the end of the year, the total debt should be less than BGN 14.6 bn. The Government has the right to issue state guarantees next year up to the total amount of BGN 100 mln.

"This is the best possible budget, given the money we have," said Prime Minister Boyko Borissov regarding the adoption of the budget for the following year in Parliament.

He commented that "No one will ever help Bulgaria. Greece, Spain and Portugal have supporters. No one will ever help us, if we don't do our own job." Asked whether pensioners will enjoy Christmas bonuses, Borissov said: "If there is money - with pleasure, but if there is no money - we will not put the fisc at risk."

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