Cabinet Decision Not to Update Budget Is Not the Right Move

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Cabinet Decision Not to Update Budget Is Not the Right Move

The Government's decision not to update this year's budget is not the right move, National Assembly Economic Policy Committee Chairman Martin Dimitrov commented. He was speaking to the press after the first meeting of the Committee on Thursday.

According to Dimitrov, the current budget provides very few possibilities for powerful steps so as to "fill the gap" in it.

One of the anti-crisis measures that have to be undertaken is to curtail the expenditures as pointed by Finance Minister Simeon Djankov, Dimitrov also said. Another step would be to stop all the money flowing to the circles of companies. "This is a big reserve and I do not know how far Minister Djankov has got familiarized with it for the short time he has had."

In Dimitrov's view the projects on the construction of Belene N-plant, Bourgas-Alexandroupolis and South Stream pipelines present a huge risk to the budget. The budget may fail due to these projects alone and this is why it should be checked what compensations are envisaged in case of their termination.

The Parliamentary Economic Committee Chairman also told about a report by the Agency for Post-privatization Control for last year showing that 300 million leva have been awarded to the state within proceedings against debtors. However, the Agency says that it experiences difficulties in the collection of these receivables and due to the lack of capacity. This is why legislative changes to this end should be considered.

Cases for another 800 million leva launched by the same Agency are at different instances and proceedings for further 400 million leva are to be instituted, Dimitrov also said. Thus, outstanding receivables from privatization total about 1,500 million leva. Ways for collecting these sums will be discussed at the next meeting of the Economic Committee, scheduled for August 19. It is expected to be attended by Economy Minister Traicho Traikov. Deputy Prime Minister and Finance Minister Djankov will also be invited.

Source: BTA

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