site.btaBill Bridging Public Finance Gap until Passage of Budget Laws for 2025 Passed Unanimously on First Reading

Bulgaria's National Assembly on Thursday voted unanimously, 207 in favour, to approve a bill bridging the public finance gap until the passage of the three budget laws for 2025.

The full title of the draft legislation moved by the caretaker Cabinet, is "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."

Finance Minister Lyudmila Petkova said the Cabinet drew up the bill because its proposals for the three budget laws were not debated by Parliament.

The time for proposals regarding the draft legislation was limited to three days. Budget and Finance Committee Chair Assen Vassilev MP of Continue the Change - Democratic Bulgaria said the aim is to have the bill debated on second reading next week.

The bill regulates the collection of revenues and the commitment of expenditures in 2025 for up to three months in line with the Public Finance Act, the Social Insurance Code and the Health Insurance Act.

The draft legislation contains a provision according to which payment limits would be reduced in proportion to the amount of available revenues if the revenues collected for the relevant period are insufficient to offset expenditures and transfers. Budget authorizers by delegation will prioritize their payments, with priority set on expenditures on wages and welfare payments, which will be effected in full.