Bulgaria’s Council of Ministers approved a report on the implementation of the state budget in 2014 according to the annual reports on the cash implementation of budgets of the first level spending units and proposes the parliament debates and approves it, the press service of the Government announced.

According to the annual reports of the first level spending units, a deficit of BGN 3,072.9 million (3.7% of the GDP) is reported at the end of 2014 under the Consolidated Fiscal Programme (CFP) on a cash basis. The deficit of the “state government” sector in 2014 under the methodology of the European system of national and regional accounts (ESA 2010) on an accrual basis in line with the April Notification Tables on deficit and debt is estimated at 2.8% of the GDP, which complies with Article 25, Para 2 of the public finance law.

The fiscal reserve by December 31, 2014 stood at BGN 9.2 billion, including BGN 8.1 billion of deposits in the fiscal reserve of the Bulgarian National Bank (BNB) and banks and BGN 1.1 billion in EU funds receivables over certified expenditures, advance payments, and others.

The revenues and grants received under the CFP in 2014 amount to BGN 29,409.1 million, or 98.1% of annual plans. This stands at 35.8% of the GDP.

The expenditures under the consolidated budget, including the contribution of the Republic of Bulgaria to the EU budget in 2014, amou