Bulgaria's draft 2027 budget has passed the required consultation with the European Commission and eurozone countries, deputy prime minister Atanas Pekanov said. He called it a positive signal from Brussels.
Ministers approved the draft on 15 October, and the budget plan went to Brussels the same day. Pekanov said the cabinet has held frequent talks with the Commission in recent weeks.
The previous development: Finance ministry: We talk to Brussels daily, but how money is spent is decided by Bulgaria
The budget will be presented in public on Friday, 6 November, when the final figures will be clear. Pekanov said the cabinet wants a lower deficit but will keep social payments and support for people in need, children and families. It is looking for ways for institutions and ministries to spend less, with cuts where spending has been excessive.
Social spending and public sector pay have grown for six years without secure funding, the deputy prime minister said. That has built up problems at the base of the budget that cannot be solved in one year. He compared the build-up to a "snowball".
Tax revenue is about 30% of GDP, the value of everything produced in the country.
Prime minister Rumen Radev said at the start of the cabinet meeting that the government is working for higher incomes and pensions in 2027. He said the budget includes support for children, families, school pupils, students, young doctors and people on low incomes.
The Commission is expected to give its assessment of the budget plan on 24 November.