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Bulgarian PM: We have a New Debt, which is 4 Billion, not 7 Billion

The government has approved a strategy for public debt management for the period 2022-2024. This was announced by Prime Minister Kiril Petkov after the meeting of the Council of Ministers.

“In 2022, a new debt of 7.293 billion was approved. 3 billion of that 7 billion is actually an old debt that is running out – it needs to be refinanced. In reality, the new debt that is being issued is 4 billion. This must be said clearly so as not to speculate,” the Prime Minister explained.

Petkov explained the 4.1% of GDP deficit with the government’s investment program of 5.5% of gross domestic product. “If it is not implemented, the budget is in surplus,” he said.

The prime minister added that a working group has been formed between the ministries of finance and energy because of the problems of municipalities with high electricity prices.

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“We will want to see the size of the financial problems of the municipalities that cannot pay for these services. In each such municipality we will send an inspection by the State Financial Inspection Agency to make sure that the lack of funds is not a function of non-transparent public procurement,” said Petkov.

Petkov also commented on whether he had secret talks with the “Vazrazhdane” (Revival) party to revoke the green certificate. Such an accusation was made against him by the opposition party GERB-SDS.

“Even after the protest, I announced that we were opening a working group. The only thing we did yesterday in the conversation with ‘Vazrazhdane’ was that we specified when this group will start working. No commitments have been made by anyone,” he said.


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