Bulgaria’s Deputy Prime Minister and Finance Minister Galab Donev has presented the main parameters of the country’s draft 2027 budget to European Commissioner for Economy and Productivity and for Implementation and Simplification Valdis Dombrovskis during a meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Brussels, the Finance Ministry said on Tuesday.
Donev and Dombrovskis welcomed the good communication and cooperation between the European Commission and the Bulgarian government within the annual dialogue under the European Semester.
The draft 2027 State Budget Act was presented and published by the governing parties at the end of last week. The draft sets a cash-based deficit of 3.5% and an accrual-based deficit of 4.2%. Bulgaria is in an excessive deficit procedure.
In addition to the ECOFIN meeting, Donev also took part in a Eurogroup meeting, where finance ministers from euro area member states discussed macroeconomic and fiscal trends in the euro area, progress on introducing the digital euro, and issues related to the Banking Union.
In an extended format, with the participation of finance ministers from non-euro area states, the ministers discussed defence financing, with a focus on more efficient use of public resources and joint public procurement. NATO Secretary General Mark Rutte also took part in the discussion.
ECOFIN discussed a proposal for a comprehensive update of the EU tobacco taxation framework. Despite discussions that continued late into the evening, the ministers failed to reach a general approach on the file. Only Malta did not support the latest proposals from the Presidency. During the discussion, Donev welcomed the Presidency’s efforts to reach a compromise on this highly sensitive file. He also welcomed the option of extended transitional periods for raising minimum excise rates for some tobacco products. During the intensive negotiations, Bulgaria managed to protect the interests of raw tobacco producers. Farmers who grow and dry tobacco before handing it over to processors are excluded from the obligation to provide information in the excise goods tracking system.
The ministers also discussed the economic impact of simplifying European legislation, as well as progress on implementing and applying existing legal acts, based on the latest European Commission reports.
The Council exchanged views on the economic and financial impact of Russia’s aggression against Ukraine and the implementation of the Recovery and Resilience Facility.
The Council also approved conclusions on progress made on the EU’s statistical priorities, setting out guidance for further work in this area. At the end of the meeting, the Council of the EU Presidency and the European Commission briefed ministers on the main outcomes of the meeting of G20 finance ministers and central bank governors held on October 15, 2026, in Bangkok, Thailand.

Deputy PM Donev Briefs EU Commissioner Dombrovskis on Draft 2027 Budget Parameters at ECOFIN Meeting 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-11-10 00:21:34

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