site.btaPM, Finance Minister Discuss 2024 Budget Framework, Incomes Policy with Trade Unions

Bulgarian Prime Minister Nikolay Denkov and Finance Minister Assen Vassilev discussed the preparation of the 2024 State budget and the Government's incomes policy with the leaderships of the Confederation of Independent Trade Unions in Bulgaria and the Podkrepa Confederation of Labour here on Thursday, the Government Information Service said in a press release.

During the meeting, the Finance Ministry committed to provide the trade unions with a detailed analysis on the basis of which the social partners can formulate their observations on the subject.

Regarding the macroeconomic framework, Vassilev said that the Government intends to keep the deficit under 3% of GDP. Active talks are in progress with the individual ministries regarding the expenditure side of the budget, and the achievement of tangible results would be key for the allocation of funding.

Incomes will be growing faster than inflation. The public-sector incomes policy is being developed so as to be implemented on the basis of realistic indicators and so as to address imbalances.

"Calculations must be done carefully. The budget must be sustainable: on this condition incomes can be rising annually. We are targeting high incomes and education," Denkov said. In his words, the "cheap labour" principle that was followed for years on end does not foster economic development and does not motivate people.

Maintaining domestic political stability, attracting substantial investments, intolerance of corruption and a judicial reform are other important prerequisites for economic development, the Prime Minister emphasized. Denkov was adamant that the Government will propose the most effective possible way of spending public funds.