Revenues and assistance payments under the consolidated fiscal program in the first quarter of 2009 totaled 6,399.6 million leva, 19.7 per cent of the annual target, says a report by Finance Minister Plamen Oresharski on the implementation of the executive budget in January-March, which will be laid before the Council of Ministers on Thursday, the Government Information Service said on Wednesday.

The fiscal reserve at March 31, 2009, was 7,954.9 million leva.

Reported revenues stand at 94.9 per cent of the level for the same period of 2008, due to a substantial shrinkage of exports, a fall in the volume of raw materials and energy sources, and a dive of the prices of oil, metals and other basic inputs on the international markets as a result of the deepening global financial and economic crisis.

Tax revenues for the first quarter totaled 5,159.0 million leva, 80.6 per cent of the aggregate revenues under the consolidated fiscal program. Direct taxes contributed 1,263.5 million leva to the public purse, or 25.6 per cent of the annual target. Indirect tax revenues were 2,463.0 million leva or 17.9 per cent of the annual target. Social and health insurance contributions were collected at 1,253.7 million leva.

By the end March, non-tax revenues added up to 790.9 million leva, 20.7 per cent of the annual target. Assistance received, mainly advance payments from the EU Structural and Cohesion Funds, totalled 449.7 million leva.

Consolidated budget expenditures, including the contribution to the EU general budget, amounted to 5,885.3 million leva. The contribution in accordance with Council Regulation (EC, Euratom) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources amounted to 248.3 million leva. Ar 271.6 million leva, interest payments represent 42.7 per cent of the annual target. Current non-interest expenditures are reported at 4,747.6 million leva, and capital expenditures at 617.8 million leva.

The first-quarter budget balance under the consolidated fiscal programme is positive, at 514.3 million leva. Of these, 321.5 million leva are national budget and 192.8 million leva are EU funds.

Source: BTA