site.bta PM Borissov Not Satisfied with 3% Economic Growth, Hopes for 4.5% in 2016

PM Borissov Not Satisfied with 3% Economic Growth, Hopes for 4.5% in 2016

Sofia, January 5 (BTA) - Prime Minister Boyko Borissov said here Tuesday that an economic growth of 3 per cent is unsatisfactory and expressed hope for 4.5 per cent this year. He was speaking at the signing of contract for project to be funded under a EU-supported operational programme for innovation and competitiveness. "I wish you success because the growth of 3 per cent does not satisfy us and we hope to reach 4.5 per cent in the new year, which depends on you: to use this money to create jobs, to improve the competitiveness, increase the export, and then with this cheap euro the national economy will grow," the Prime Minister said.

He said that with these contracts over 116 million leva will flow into small and mid-sized businesses, and wished them to be wise and spend the money in the best possible way: for innovation and competitiveness.

Borissov also thanked the European Commission for its punctuality and for paying up all invoices for EU-supported projects at the end of 2015. He also gave a high mark to the government departments and local administration engaged in the management of EU funding.

He said that years ago the rate of absorption of EU funding was 40 per cent and the most optimistic scenarios were for 82 per cent. "Now we have 95-96 per cent of absorption of EU funding."

Economy Minister Bozhidar Loukarski said that funding is contracted for 202 project which were picked out among 844 applicants in the sector of low-tech and medium-tech productions. Their total value is 116.5 million leva. "At first there was a lot of pessimism that interest [in the programme] will be meagre but we got big interest," he said.