The fiscal reserve as of the end of May was 8,290.2 million leva, and the budget balance under the consolidated fiscal program was positive, amounting to 555.4 million leva, show data on the implementation of the consolidated budget as of May 31, the Finance Ministry said on Thursday.

The revenues and assistance received under the consolidated fiscal program as of the end of May stood at 11,044.1 million leva, or 33.9 per cent of the annual target. The reported revenues constituted 93.9 per cent of the revenues in the like period of last year, which is due to a considerable shrinking of exports, a decline in the import of raw materials and energy resources and a drastic reduction of the prices of oil, metals and other basic materials on international markets, the Finance Ministry said.

Tax revenues under the consolidated fiscal program (including revenues from social security contributions) as of the end of May amounted to 8,488.7 million leva, which is 33.0 per cent implementation. Revenues in the part of direct taxes stood at

2,308.8 million leva, or 38.9 per cent of the annual target. Revenues from social security and health insurance contributions amounted to 2,159.7 million leva, or 36.0 per cent of the annual target.

Non-tax revenues stood at 1,751.9 million leva, which involved an increase of 9.7 per cent from the like period of 2008 and implementation of 45.9 per cent of the annual target. The Finance Ministry explained that the high implementation was due mostly to the receipt in April of the installment under the central budget from the excess of revenues over expenditures of the Bulgarian National Bank amounting to 401.0 million leva.

Assistance (mainly advance payments from the EU Structural and Cohesion Funds) received as of the end of May totaled 803.5 million leva (26.7 per cent of the annual target).

Expenditures under the consolidated budget (including the Bulgarian contribution to the common budget of the EU) as of the end of May amounted to 10,488.6 million leva - 34.5 per cent of the annual target, retaining a level of implementation which is close to the like period of last year. Interest payments amounted to 320.3 million leva (50.3 per cent of the amount planned for 2009), current non-interest expenditures to 8,407.1 million leva (37.0 per cent of the annual target), and capital expenditures (including the net growth of the state reserve) stood at 1,417.5 million leva (27.2 per cent).

The part of Bulgaria's contribution to the common EU budget, paid as of May 2009 from the central budget, amounted to 343.7 million leva.

Source: BTA