site.btaEconomy Minister: State Enterprises under Ministry Operating at Loss for Years, Optimization Being Prepared

State-owned enterprises under the Economy and Industry Ministry have been operating at a loss for years on end, Minister of Economy and Industry Bogdan Bogdanov said in an interview for Darik Radio, as quoted by his Ministry on Saturday. "In my first weeks on the job, I saw a need for a serious analysis of the efficiency and legal structure of the enterprises managed by the Ministry," he noted.

One of the main expenditures of these companies are salaries, which are at the limits allowed by law: over BGN 14,000 for executive director as opposed to around BGN 4,500 on average for a Board member. Over 90% of the board members were changed during the caretaker government, he said.

It transpired from Bogdanov's words that the boards of some companies under the Economy Ministry will be removed or reduced in members. The companies' functioning will be optimized and improved in efficiency. Competitions will be launched to allow young people with experience in these enterprises, including Bulgarians from abroad. The management capacity will be increased. A control system will be incorporated to allow real-time monitoring of financial indicators and flows.

Data on the checks and analyses of the enterprises under the Economy Ministry will be made public in several weeks, Bogdanov specified. The violations established will be referred to the competent authorities, he added.