site.btaFinance Ministry Posts January-April Report

Finance Ministry Posts January-April Report

Sofia, April 29 (BTA) - The Finance Ministry has posted a January-April report on its activity and initiatives during the caretaker cabinet's term.

The Ministry's main tasks were the preparation and conduct of the March 26 parliamentary elections; the preparation of the Bulgarian Presidency of the EU Council in the first half of 2018; maintaining macroeconomic and financial stability by ensuring adherence to the rules and procedures of the budgetary process; and implementation of the first stage of the budgetary process for 2018.

The Finance Ministry drew up a mid-term budget forecast for 2018-2020, and updated the 2017 National Reform Programme and the Convergence Programme for Bulgaria 2017-2020, the report says.

Based on preliminary data and estimates, the consolidated fiscal programme (CFP) is expected to show a surplus of 1,601.4 million leva (1.6 per cent of the projected GDP) on a cash basis as at the end of April 2017.

Revenues and grants under the CFP are expected to add up to 12,058.6 million leva (34.0 per cent of the annual estimate). Tax and non-tax revenues are up by 780.5 million leva (7.2 per cent) compared to a year earlier, while the proceeds from grants are lower. Grants are expected to stand at 16.7 per cent of the annual target.

Expenditures under the CFP (including Bulgaria's contribution to the EU budget) as at the end of April are expected to amount to 10,457.2 million leva (28.4 per cent of the annual target). A year earlier expenditures stood at 9,818.7 million leva.

The portion of Bulgaria's contribution to the EU budget paid from the central government budget totals 285.6 million leva.

The CFP balance on a cash basis as of end-March is in a surplus of 1,058.1 million leva (1.1 per cent of the projected GDP). It is formed by a national budget surplus of 983.6 million leva and a surplus of 74.5 million leva in EU funds, the Finance Ministry said.

Tax revenues, including revenues from social security contributions, stand at 7,288.7 million leva (26.0 per cent of the annual target).

The part of Bulgaria's contribution to the EU budget paid as at March 31 is 213.7 million leva.

In March, the Finance Ministry prepared a report evaluating the implementation of the Single National Strategy for improving tax collection, tackling the shadow economy and reducing compliance costs.

During the first four months of the year, the government has not suspended public procurement procedures and has not found financial misuse at the Finance Ministry.