Covid-19: Bulgarian Parliament passes second revision of 2020 Budget Act

Written by on June 26, 2020 in Bulgaria - Comments Off on Covid-19: Bulgarian Parliament passes second revision of 2020 Budget Act

Bulgaria’s National Assembly passed at first and second reading on June 26 a revision of the 2020 Budget Act, the second time in three months that this year’s Budget had to be updated due to the economic impact of the Covid-19 pandemic.

Unlike the first revision in April, which sharply raised the annual borrowing limit and set a Budget deficit target, the second change has been described as technical and updated only the size of maximum state guarantees on new debt.

The revision raised that figure by 310 million leva, or about 158.5 million euro, to 1.81 billion leva.

The new state guarantees will allow Bulgaria to participate in two EU schemes meant to decrease the pandemic’s economic impact – the temporary support to mitigate unemployment risks in an emergency and the pan-European guarantee fund.

Opposition parties in Parliament backed the Budget revision, which was voted without any debate.

(Photo: parliament.bg)

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