site.btaFinance Minister Petkova Attends Regular ECOFIN Meeting in Luxembourg

Bulgarian Deputy Prime Minister and Finance Minister Lyudmila Petkova represented Bulgaria at the regular meeting of the Economic and Financial Affairs Council (ECOFIN), which took place in Luxembourg, the press centre of the Ministry of Finance said Tuesday.

The Council members discussed the implementation of the Recovery and Resilience Facility and approved the amendments to the Recovery and Resilience Plans of Lithuania and Portugal.

The ministers discussed the economic and financial consequences of Russia's aggression against Ukraine. Bulgaria welcomed the package of legislative proposals, which ensures the joint financial participation of the G7 member states and the European Union in equitable risk-sharing as well as in sharing political responsibility, the finance ministry said.

Minister Petkova stressed that the structure of the future loan should allow Ukraine to use the funds where the country's needs are most pressing, whether military or contributing to the recovery of strategic sectors, reconstruction and future development. Finally, it called on member states to stick to a constructive approach in the approval process of the package.

The ministers discussed the lessons learned and experiences gained during the 2024 European Semester cycle.

The Council also endorsed the EU's mandate for the meeting of G20 finance ministers and central bank governors on October 23-24 and for the International Monetary Fund (IMF) annual meetings, as well as the Council's conclusions ahead of the UN Climate Change Conference on November 11-22.