site.btaAmendment to European Commission-Bulgaria Financing Agreement under Recovery and Resilience Facility Ratified

Bulgaria's Parliament on Thursday passed on first and second reading an Act to Ratify the Amendment to the Loan Agreement between the European Commission and Bulgaria under the Recovery and Resilience Facility.

The agreement, which was signed and ratified in 2022, needs to be amended basically because "a better than expected performance of the Bulgarian economy" warrants an adjustment of the Bulgarian allocation under the National Recovery and Resilience Plan (RRP), the parliamentary Budget and Finance Committee said in its report on the bill.

The report specifies that the Loan Agreement as amended must enter into force before December 31, 2023. Otherwise, the European Commission will be unable to commit to provide EUR 1,052,735,263 under the RRP, which this country would forfeit irretrievably. The Committee emphasizes that this ratification does affect the RRP content and its reforms and projects.