The Minister of Finance: For the moment we are not considering any budget revision, but only optimisations

"We are managing a budget that is not small. Unfortunately, it has been prepared taking account of different assumptions for our economy and without taking the opinion of the revenue agencies", Minister of Finance Petar Chobanov commented in the BNT "Denyat Zapochva" (The Day Begins) programme. It is not by accident that the GDP has been lowered by BGN 1.5 billion and there are also a number of questions in respect of the expenditure part, the Finance Minister explained. He pointed out that at the moment the efforts were focused on the risk management as to a possible failure to implement the budget, but at this point of time its revision was not considered. As regards the work of the revenue administrations the Finance Minister stated that for the time being he was working with their current teams, but depending on their performance replacements could be considered. He emphasized that the administrative extortion of the businesses should discontinue.

Chobanov explained that the resources for the urgent Government programme adopted yesterday would be ensured not by an external loan but through optimisation and redistribution of expenditure by the ministries and limitation of certain parasite payments. The short-term measures announced yesterday do not represent the whole Oresharski Programme - they are urgent measures of the Government. "The Tripartite Council should make a decision about the increase of the minimum wage", Minister Chobanov firmly stated. According to him it is possible that the increase of the minimum wage might have an impact on competitiveness and if the proposal for its increase is accepted that should not have a negative impact on the economy. "At the moment the businesses are not functioning and the business environment must be stimulated", the Finance Minister emphasised.

"The issue of off-shore companies is important. I will be participating in the ECOFIN meeting where we will be discussing this issue. So there we do not have voluntary approach in principle, the influence and the scope of influence of that alternative will be extended", Minister Chobanov said and stated that when and if he received information about Bulgarians with off-shore companies that information would be made public. "The off-shore companies should not be fully stigmatized, but who is managing the money must be known", Chobanov thinks. He supports legislative changes that would ensure the transparency of off-shore companies so as to act with special care when spending public resources.

Minister Chobanov again confirmed that fiscal stability was a natural priority of the Government but that no unnecessary risks would be assumed in respect of the financial security.