Caretaker Minister of Finance Georgi Klisurski made an important announcement during a briefing at the Council of Ministers. According to him, the government does not need approval to use funds from the fiscal reserve to cover expenses during the current month.
Why is the deficit zero?
The Minister explained that the initial plans included the use of up to 900 million euros from the fiscal reserve to cover expenses that could not be covered in February. Although the deficit decreased to 600 million euros in March, the results for April are even better.
"I am happy to announce today that for April we do not need to use any resources from the fiscal reserve at all. Therefore, we are not adopting such a decision of the cabinet," Klisurski said.
Revenues and expenses in the state budget
The success is due to a combination of factors:
- Higher revenues: Larger sums traditionally come into the state treasury in April.
- Limited expenses: The caretaker cabinet has managed to limit unreasonable expenses.
- Tax returns: The Minister reminded that the deadline for submitting annual tax returns by individuals expires on April 30.
It is important to note that 1.4 billion euros from the Bulgarian Development Bank (BDB) are not included in these calculations. These funds have been returned to the state budget and do not directly affect the reduction of the deficit, the Minister of Finance emphasized.