Balgarianovinite.com The sum of EUR 3.8 billion is the liquidity buffer needed to ensure that the State Fiscal Reserve is not drained, parliamentary Budget and Finance Committee Chair Konstantin Prodanov said on Saturday on Bulgarian National Television’s morning programme.
“EUR 3.8 billion is a huge amount, which is why the discussions on whether to approve raising the debt ceiling by that amount were quite detailed,” Prodanov said. In his words, if there was one common thread between the different political forces during the debates in committee and in the plenary chamber, it was that there is a hole in the State Treasury. Everyone agrees that there is a hole in the Treasury and that it has to be financed; the dispute was rather over how large that hole is, Prodanov added.
He stressed that 2026 is critical for Bulgaria for several reasons. First, the Recovery and Resilience Plan ends this year and all projects implemented under it must be paid for by August 31. Prodanov explained that the payments are made in advance by the State, after which the European Commission reimburses the amounts if the conditions have been met. He added that a total of about EUR 4.4 billion had to be paid in advance within the year, with the amount currently standing at EUR 3.3-3.4 billion. This amount has to be paid by the end of August, but the State budget does not have it, Prodanov said.
According to him, the State Treasury has a monthly shortfall of between EUR 300 million and EUR 400 million, and this trend deepens in the second half of the year. So far, the gap between current revenue and current expenditure has been financed from the Fiscal Reserve, but the problem is that there is almost no money left there. The reserve contains EUR 2.4 billion which is untouchable because it belongs to the Silver Fund, in addition to between EUR 1 billion and EUR 2 billion, but the forecast is that the balance will turn negative by the end of August, Prodanov explained.
“We cannot afford to count every cent and drain the Fiscal Reserve in terms of liquidity, because in the event of a crisis, such as a forest fire, we will not be able to respond,” Prodanov said.
Regarding the 2026 State Budget, he said that the bill is being prepared and is expected to be submitted by the end of the month or on July 1-2, possibly entering into force in August. It is not so easy to prepare this budget given the extreme situation, as well as the fact that the year is already halfway through, Prodanov commented. He added that work is proceeding at an accelerated pace and stressed that no Bulgarian citizen will be harmed by the upcoming reforms.
Reforms, cuts, savings and efficiency are one side of the coin, but the other is that the budget philosophy will be redirected towards investment, both public investment and conditions for attracting foreign investment, Prodanov said. EUR 3.8 Bln Needed to Keep Fiscal Reserve from Being Drained, Parliamentary Budget Committee Chair Says 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-06-20 11:43:20 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law