/ world today news/ The fiscal reserve as of August 31 is in the amount of BGN 6.9 billion, the press center of the Ministry of Finance announced.
According to data from the monthly reports, for the cash execution of the budgets of the primary appropriators with budget credits, the budget balance under the CFP as of August is positive, in the amount of 107.6 million. BGN, being formed from a surplus of the national budget in the amount of BGN 616.9 million. BGN and a deficit of European funds in the amount of 509.3 million. leva. For comparison for the same period of 2011. a negative balance in the amount of 731.1 million was recorded. BGN, or the budget position as of August 2012. reports a nominal improvement of 838.8 mln. BGN compared to the same period of the previous year.
The received income and benefits under the CFP as of the end of August 2012. are in the amount of 17,806.3 mln. BGN or 61.9% of the estimates for the 2012 ZDBRB. Compared with the reported revenues for the same period of the previous year, the receipts under the CFP show a nominal growth of 9.6% (BGN 1,564.5 million), which is mainly due to the growth in indirect taxes, with an increase also in non-tax revenues and benefits.
The total amount of tax receipts (including income from social security contributions) as of the end of August 2012. amounts to 14,293.3 mln. BGN, 66.2% of annual estimates. The revenues in the part of direct taxes are 2,680.7 million. BGN, which is 69.9% of the planned for the year. Revenues from indirect taxes amount to 7,433.0 million. BGN, which is 65.4% of the planned for 2012 with the Federal Tax Administration, of which VAT revenues – 4,720.9 million. BGN, 66.5% of the plan, from excise taxes – BGN 2,614.6 million. BGN, 63.3% of the plan, of customs – 79.8 million. BGN, 66.5% of the plan and tax on insurance premiums – 17.6 million. BGN, 73.5% of the plan. Revenues from other taxes (including property taxes and other taxes under ZKPO) are in the amount of 563.1 million. BGN, 68.3% of the annual estimate. Social and health insurance contributions as of 31.08.2012. are in the amount of 3,616.4 mln. BGN, which represents 65.0% of the calculated for the year.
Non-tax revenues and benefits are in the amount of 3,513.0 million. BGN, which is 49.1% of the annual estimate.
Expenditures under the consolidated budget (including Bulgaria’s contribution to the general budget of the EU) as of August 31, 2012 amounted to BGN 17,698.7 million, which is 59.3% of the annual estimate. In structural terms, compared to the same period of the previous year, an increase was observed mainly in capital expenditures and social and health insurance payments. Current non-interest expenses amount to BGN 14,625.4 million. (64.9% of the estimates for the year), capital expenditures (including the net increase of the state reserve) amounted to BGN 1,993.9 million. (37.5% of the 2012 ZDBRB estimates) and interest payments – BGN 517.1 million. (72.1% of those planned for 2012).
The part of Bulgaria’s contribution to the general budget of the EU, paid as of August 31, 2012. from the central budget amounts to 562.2 mln. BGN, which is in accordance with regulation 1150/2000 of the Council of the EU.
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Guest 2: Additionally, a positive budget balance under the CFP can also provide the government with more room to maneuver during economic downturns. It serves as a buffer that can be utilized in tougher times to support social programs and stimulate the economy, ensuring that the country remains resilient in the face of potential challenges.
Guest 1: Good morning, thank you for having me. My name is Dimitar Petrov, and I am a financial analyst with extensive experience in budget planning and fiscal policies.
Guest 2: Hello, my name is Maria Stoyanova, and I am a professor of economics at the Sofia University “St. Kliment Ohridski”.
Host: Thank you both for joining us today. Let’s start by discussing the current fiscal situation in Bulgaria. The article mentions that the country’s fiscal reserve as of August 31 is in the amount of BGN 6.9 billion. Can you comment on this figure and how it compares to previous years?
Guest 1: Yes, indeed. The fiscal reserve is a crucial aspect of a country’s financial stability, and BGN 6.9 billion is a significant amount of money. It demonstrates that the Bulgarian government is managing its finances responsibly and has enough funds to cover potential emergencies or unexpected expenses. Comparing this figure to previous years, we can see an overall positive trend. The reserve has been gradually increasing over the past few years, indicating that fiscal policies are working towards sustainable economic growth.
Guest 2: I agree with what Dimitar has said. However, I’d also like to add that it’s essential to look at the structure of the fiscal reserve. The government should not only focus on increasing the reserve but ensure that it is invested wisely and effectively. There have been concerns about the management of public funds in Bulgaria, and proper allocation of the fiscal reserve could help alleviate these issues.
Host: That’s an interesting point. Moving on, the article mentions that the budget balance under the CFP as of August is positive. Can you explain what this means and how it contributes to the country’s overall fiscal health?
Guest 1: The budget balance under the CFP indicates how much money the government has available to spend after taking into account all its income and expenses. A positive balance means that there is more revenue than expenditure, which is always desirable. This surplus is usually used to reduce the national debt, increase public investment, or even provide tax relief to citizens. A positive balance in August could be attributed to improved economic conditions and better
