site.bta2025 State Budget Bill Will Not Seek to Raise Taxes or Cut Wages – Finance Minister

The 2025 State Budget Bill will not propose any tax increases or cuts on wages, pensions and investment expenditures, and municipalities will get their due money, Finance Minister Temenuzhka Petkova said at a National Assembly hearing on Thursday.

Petkova said: "The undeniable overriding objective of the state budget scheme for 2025 is to stabilize the public finances to make them sustainable and ensure the normal functioning of the state."

She further commented: "We are working to propose a budget conforming to the Public Finance Act, but this is almost impossible. The situation is very difficult. What we are trying to do through this budget is keep taxes down, not suspend investment expenditures, give municipalities their due money, and not cut down on wages and pensions. We are making serious analyses to enable us to propose a realistic budget for 2025. The situation is exceptionally difficult, almost unmanageable," the Finance Minister said. "What we must certainly do is adhere to the Public Finance Act, meaning there is no way to move a budget which does not meet the 3% government deficit limit."

Petkova reviewed the state budget expenditures and revenues of the period 2022-2024. She concluded that expenditures have grown much faster than revenues.

The government intends to submit the 2025 State Budget Bill to the National Assembly by February 14.