site.btaCabinet Approves Bulgaria's 2023 State Budget Implementation Report

Cabinet approved the annual report on the implementation of the State budget of the Republic of Bulgaria for 2023 and the accompanying report, proposing that the National Assembly review and adopt it, the Government press service said here on Friday.

The report says that 2023 ended with a deficit in the consolidated fiscal programme (CFP) on a cash basis amounting to BGN 5,618.1 million, which represents 3.1% of GDP. The indicative target for the CFP budget balance for 2023 was adjusted in the draft State budget for 2024 (Council of Ministers Decision No. 830/November 24, 2023), considering the risk of the second tranche of the Recovery and Resilience Plan being postponed to 2024. As a result, the indicative deficit for 2023 is BGN 5.8 billion, aligning with the programme's target for the year.

As of December 31, 2023, the fiscal reserve totals BGN 13.4 billion. This includes BGN 10.9 billion in deposits at the Bulgarian National Bank and other banks, and BGN 2.5 billion in receivables from EU funds for certified expenses, advances, and other items.

Revenues, grants, and donations under the CFP for 2023 total BGN 67,040.8 million, representing 36.5% of GDP compared to 38.6% of GDP in 2022. It should be noted that 2022 included one-off extraordinary revenues.

Expenditures, including the contribution to the EU budget, under the CFP for 2023 amount to BGN 72,658.9 million, which is 98.1% of the annual estimates. Expenditures as a percentage of GDP represent 39.5% of GDP for 2023, compared to 39.4% of GDP in 2022.

Interest payments amount to BGN 830.8 million (100.9% of the planned amount for 2023), current non-interest expenditures are BGN 60,712.4 million, capital expenditures (including the net increase in the State reserve) are BGN 9,201.3 million, and current and capital transfers abroad are BGN 64.5 million.

Bulgaria contributes BGN 1,849.9 million (1.0% of GDP) to the EU's general budget, as required by EU own resources legislation.

The government has also approved the 2023 annual report and activity report of the State Fund for Guaranteeing the Sustainability of the State Pension System (SFGSSPS), as well as the annual report on the State debt for 2023. These reports will be submitted to the National Assembly. As of December 31, 2023, the SFGSSPS account at the Bulgarian National Bank holds BGN 3,904.4 million. As of December 31, 2023, the state debt stands at BGN 40,514.0 million.