site.btaFinance Ministry Publishes Budget Execution Data as of February 28, 2025

The execution of the 2025 state budget as of February 2025 took place under the conditions of the yet-to-be-adopted 2025 State Budget Bill, which has imposed certain restrictions on the state budget that the Finance Ministry must implement, the Ministry said in a press release on Tuesday.

Article 87, Paragraph 1 of the Public Finance Act stipulates that expenditures and transfers under the state budget may not exceed their amount for the same period of the previous year, up to the amount of collected revenues, grants, and donations, while also accounting for enacted decisions of the National Assembly and the Council of Ministers that provide for additional or reduced budgetary funds. These provisions are further developed in the act bridging the public finance gap until the passage of the three budget laws for 2025: Act on the Collection of Revenues and the Commitment of Expenditures in 2025 until the Passage of the 2025 State Budget of the Republic of Bulgaria Act, the 2025 Public Social Insurance Budget Act and the 2025 National Health Insurance Fund Budget Act. Accordingly, the Finance Ministry closely monitors the parameters of revenues, expenditures, and transfers within the state budget, the press release further reads.

Key Parameters of the Consolidated Fiscal Program (CFP) as of February 2025.

The CFP revenues, grants and donations as of February 2025 amount to BGN 11,003.2 million or 95.6% of the annual estimates. Proceeds have increased by BGN 1,039.8 million (10.4 %) compared to the reported in December 2023. The increase is mainly driven by tax revenues, while non-tax revenues and proceeds from grants and donations remain close to their levels recorded for the same period in 2024.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, exceeds BGN 12,002 million as of February 2025.

As of February 2025, the balance of the CFP on a cash basis is negative, amounting to BGN 999.7 million (0.5% of the forecast GDP).

As of February 28, 2025, the fiscal reserve stands at approximately BGN 10,500 million, including some BGN 8,800 million fiscal reserve deposits in the Bulgarian National Bank and banks, and some BGN 1,700 million receivables under the EU Funds for certified expenditure, advance payments, etc.

The data on the CFP implementation as of February 28, 2025, has been published in the Statistics section on the Finance Ministry's website.