site.btaConsolidated Fiscal Programme Indicates BGN 0.6 Bln Surplus at End-April 2024

Based on monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of April 2024 is positive, amounting to BGN 596.6 million (0.3% of the projected GDP), the Finance Ministry said in a press release.

At end-April, the state budget received one-off revenues of BGN 660 million from the contribution from the Bulgarian National Bank, which is formed by the excess of revenues over expenditures for 2023. On the other hand, at end-April, an expense of more than BGN 300 million was shifted from May due to the holidays at the beginning of May and the technological time needed to make the pension payments in May. The aim was for pensioners to receive their pensions without any delay. Furthermore, the Easter supplement approved by the National Assembly for pensions below the poverty line, totalling approximately BGN 54 million, was also paid at end-April.

CFP revenues, grants and donations as of April 2024 amount to approximately BGN 22.770 billion, or 30.2% of the annual estimates. Proceeds grew by BGN 2.928 billion, or 14.8%, compared to those reported in April 2023. Compared to the same period of 2023, tax revenues grew by BGN 1.280 billion (8.0%) in nominal terms, non-tax revenues are higher by BGN 644.9 million (20.0%), while proceeds in the part of grants and donations (mainly grants under EU programmes and funds) increase by approximately BGN 1 billion.

Tax proceeds, including revenues from social security contributions, amount to BGN 17.292 billion, which accounts for 29.8% of the estimates for the year, forming 75.9% of the overall CFP proceeds for the period.

Non-tax revenues amount to approximately BGN 3.864 billion, which accounts for 37.7% of the annual estimates.

Grant and donation proceeds amount to BGN 1.614 billion.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for April 2024, amount to BGN 22,173.2 million, which accounts for 27.2% of the annual estimates.

Bulgaria’s contribution to the EU budget paid from the central budget as of 30.04.2024 amounts to BGN 457.4 million, which complies with the existing legislation in the area of EU own resources.

The fiscal reserve as of 30.04.2024 is approximately BGN 11.806 billion, including BGN 10.126 billion of fiscal reserve deposits in the BNB and in banks and BGN 1.680 billion of receivables under the EU Funds for certified expenditures, advance payments, among others.