site.btaDeputy PM Petkova: "Budget Revenue Compliance Key for Good State Governance"

Bulgarian caretaker Deputy Prime Minister and Finance Minister Lyudmila Petkova told a news conference at her Ministry on Tuesday that because she prioritizes budget revenue compliance, the National Revenue Agency, the National Customs Agency and the budget directorates will report to her directly, the Finance Ministry said in a press release.

Petkova emphasized that budget revenue compliance is key for the good governance of the State and for the protection of the State's fiscal interests.

She cited figures provided by the Bulgarian National Bank, according to which the fiscal reserve held on central bank accounts was BGN 6.7 billion as of April 8, 2024. Of this amount, BGN 4 billion were held by the State Fund for Guaranteeing the Stability of the State Pension System (aka the "Silver Fund"), which leaves financial resources at hand of BGN 2.7 billion. The Finance Minister commented that the BGN 9.9 billion fiscal reserve which her predecessor Assen Vassilev mentioned earlier in the day were current as of March 29. Petkova recalled that between March 29 and April 7, payments totalling BGN 1.6 billion were effected under Council of Ministers Decree No. 63 of March 27, 2024 on the acquisition by the State of amounts due by the Toplofikacia Sofia district heating company to Bulgarian Energy Holding EAD and Bulgargaz EAD. Neither the BGN 6.7 billion nor the BGN 9.9 billion include BGN 2 billion or so which are expected to be actually credited to the budget as a second payment under the National Recovery and Resilience Plan after all required stages and objectives have been complied with.

The Deputy PM said that she will present a more detailed analysis next week.

Reacting to Petkova's statement, The Continue the Change party circulated a position, arguing that the reserve amounted to BGN 9.9 billion at the end of March. In early April, BGN 1.6 billion were paid to the Bulgarian Energy Holding to cover Toploficacia's debt, and BGN 1.5 billion were paid in pensions for April. BGN 3.9 billion in the tax revenues are expected in April, of which VAT revenues are due after April 14, and revenues from income tax on natural persons and social security contributions after April 25. Thus, the fiscal reserve is expected to be back to BGN 9 billion-plus at the end of April. 
 
"I can hardly believe that Mrs Petkova, who, too, receives the daily statements from the Treasury Directorate, is unaware of these facts. I hope that they won't try to dish out yet another helping of 'the State is broke' and 'we'll freeze to death'," Continue the Change Co-chair Assen Vassilev said, quoted in his party's position.